It may not be human report without dialog

FIMALAC controls more than Fitch, third Global rating agency. It will now be your only trade

Absolutely! We are not considering us away. We have gradually ceded the other activities of Fimalac to focus exclusively on financial services, the rating with Fitch Ratings and business with Algorithmics risk. Their qualities match the values that led to the creation of Fimalac fifteen years ago. These are trades international dimension, generating significant available risk-taking, whose growth and profitability are strong, and totally independent of the countries in which they are.

The marking of the debt issued by corporations has experienced meteoric growth. The prospects are also promising

Without a doubt. The rating market enjoys a few years, and for a long time, an exceptional combination of positive factors. On the market, more mature than the other, the growing sophistication of products of credits opened him constantly new horizons. In Europe, one gradually moves from a "bank market", where the agencies noted the strength of the banks, to a "bond market", in which they are in direct relationship with the lenders. This allows to consider future growth of the order of 20 per year on this continent. Finally, Asia is poised to take over. Placed end to end, these elements are the Fitch Group may consider a greater than 10 per year growth in the future.

This complements the growing role of rating agencies by public institutions. The European Central Bank, for example, has decided that the obligations of State including note, issued by one of the three agencies of world size, which naturally Fitch, is less than A - will be more eligible with central banks. This makes our services even more indispensable.

Do you not fear the emergence of new global size agencies

Fitch is convinced of the usefulness of the competition and supports therefore all proposals to that effect. Today, it has a total of 50 agencies, mainly local. But building a player of world size is not easy. To be credible to final investors, a credit rating agency must be objective, honest, transparent, but also completely independent.

It is for this reason that we wanted that the cash flow of Fimalac except exceptional investment be structurally creditor. As sensitive as the marking trade, we must focus our independence: financial independence from banks, independence from our clients must not represent a significant share of our turnover. Independence from the countries that we note, i.e. exercise any activity which would depend on orders, grants, sales of over-the-counter... from a State or a municipality.

However, the agencies did not escape criticism. Some felt that they should be better controlled

This debate was opened from the years 2000 as Enron corporate scandals. It is, in my opinion, less news. Overall, many investigations have been opened by the regulatory authorities resulted in conclusions favorable to the work of the three main agencies, which Fitch. The European Commission officially announced that it did not intend to propose a legislative framework for credit rating agencies. In the United States, the rating was generally regarded as the system more efficient, more transparent and the easiest to assess the quality of financial commitments. The US authorities want to, and we participate in their thinking, that competition, independence and transparency of the agencies are increasingly strengthened. Fitch has implemented for this purpose a code of conduct.

Noting the debt of the States, agencies are venturing in the political field. It is currently the case with the Italy...

The Italy is a large country. But public debt is increasing at 108 of GDP, the deficit stood at 4.1 of GDP, exceeding the threshold of 3 of the Maastricht criteria. Fitch studied forecasts three years, the increase in the GDP, the debt to GDP, and the fiscal deficit to GDP rate, made by 15 countries of the European Union. It found that among the worst students there is the Italy. This means that the credibility of the Italian Government is far from good.

We also know that the Italy should borrow in 2006 of the order of 200 billion euros abroad to balance its accounts. It is therefore natural that end investors want reassurance that the solvency of the Italian debt. Fitch has therefore been naturally knowledge to the new Italian Government to be quickly indicates measures it intends to take to finance his electoral platform, reduce its public deficit and increase the competitiveness of the Italy.

In the meantime, Fitch has developed the Italy negative supervision. Without credible policy, the Italy may be degraded, it would be between the Portugal and the Greece.

Why do enter a 20 partner in Fitch

Fitch is now a global company. It seemed useful to have a partner at our side to support in its development and also the funding needed. Our choice is focused on the Hearst media group, because it met our requirements for independence. This group is still a family group offering all guarantees that I have just mentioned. Owned by a foundation managed by the senior management and the family, is very prosperous. Allowing it

to have a long-term investment strategy, consistent with that of Fimalac.

This is not the beginning of a process for the sale of Fitch

Not at all! Fimalac or Hearst has options to purchase or sell. In addition to a right of pre-emption reciprocal, our agreement three years after my death, if my heirs do not want to sell securities or my heirs do not want to buy back them, Hearst can introduce its securities on Wall Street.

Why come you you strengthen the capital of Fimalac passing the bar of the 60

In the capital increase of Fimalac launched in March 2004, I had stock warrants. I decided to exercise instead of selling on the market to show my confidence in the company and its development.

Why Liliane Bettencourt comes out

Ms. Bettencourt has never desired far be the shareholder of other groups that l ' Oréal and Nestlé. Because of our bonds of friendship, she has kindly help me at the time of the capital increase. It is normal that it is since release, and I welcome, a comfortable capital gain.

The corporate governance has become an important element of their rating What Fimalac gives the example

FIMALAC follows the recommendations made by the various reports on the subject. Today, our Board has a majority of independent directors and we pay, appointment and audit committees. In a family or controlled undertaking, it is essential to have administrators whose personality is very well known and whose past or future career is not the management. In addition, there is a Council of stewardship in the family company with my participation in Fimalac, following all the activities. He would return him to propose to the Board of Directors my successor.

The multiplication of the bicéphales branches in French to facilitate groups a passage of witness is a good thing

It is an excellent method to manage transitions. It allows the outbound to accompany the person chosen to succeed him. It is also used for a long time in the anglo-saxon world. But this type of hitch must not become perennial. A me, five years is a maximum, beyond there is a risk the release under supervision.

FIMALAC and yourself are very involved in the artistic patronage. Is - this property in the missions of a company to promote the French heritage

Yes. It is essential that all art should be promoted. It is an essential element of the French heritage and do not forget that one of the main resources of our country, tourism, depends on the promotion of our cultural heritage.

Cultural patriotism, therefore... And economic patriotism

The word is seductive. French and proud to be, I admire all of our patterns that will plant our flag in the world, and my sympathy goes more to those who earn to Austerlitz to those who built the Maginot line. But if economic patriotism must be heard as protectionism, it would be mislead in an economically disastrous attitude for our future growth and would destroy the trust capital has acquired our country in the international community.

Are you willing to measures passed by Parliament to protect the independence of French groups

I think that the new version of the "poison pills" that just invent, actions to move out of reach of his assailant, warrants will be just as ineffective that the previous, as the winner will be within the company the amounts resulting from the capital increase.

Do you think that the conditions are met in France to promote projects of entrepreneurs

I do not think it is more difficult to create a group in France fifteen years ago, when I created Fimalac, creative Audacity Awards winning companies are there to testify. I don't like that we are constantly on the defensive, that we lose confidence in us. business leaders have a duty to optimism. How surprising that the French majority rejected the market economy, that the young dynamic exile, those who remain mainly wish to enter public service, if the elites themselves explain that the country declined. Change of address: rebuild entrepreneurship to young people. Have a positive speech: our current weaknesses are opportunities for progress, once we have been able to adapt to the modern world.

Were you to PBS

On this subject, I felt close to Laurence Parisot. It may not be human report without dialog. A non-motivation of dismissal could not be as provocative, especially among young people. It took at least an alert signal prior, an interview, without legal recourse, to make the acceptable CPE. And then the idea would wait two years to get an idea about someone seems to me for the original less for someone who lives in the company since nearly forty years...

More generally, do you consider as others that the French social model is unreformable

There is a profound mismatch between the economy in which it came, and gravity always very strong posed by conservative forces on the country, at the top of which found the CGT and his hard line. As long as it désespérera the business world, reforming the Code of labour to more flexibility, cannot expect a substantial reduction in unemployment in France. Because the real jobs are what creates the market economy.