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Action Logement Services’s presentation
Action Logement Services is a simplified joint-stock company, created in 2016 by decree, member of Action Logement Group, which is its sole shareholder.
Action Logement Services’ purpose is to provide financing in the housing sector, in particular the housing of employees, in order to promote employment and contribute to economic dynamics throughout France. As such, it ensures the collection of employers’ participation in the construction effort (the “PEEC” for Partcipation des Employeurs à l’Effort de Construction). It provides loans, financial support, and services to employees and businesses, as well as to social and intermediate landlords.
Action Logement Services is licensed in France as a finance company.
Action Logement Services develops its activity with a commitment to social utility and sustainable development.
| Moody's Investors Service | Fitch Ratings | |
|---|---|---|
| Long terme senior unsecured | Aa3 | A+ |
| Short term | F1+ | |
| Outlook | Negative | Stable |
- Investor Presentation – November 2025 [EN] (pdf)
- Investor Presentation September 2025 [EN] (pdf)
- Investor Presentation January 2025 [EN] (pdf)
- Investor Presentation November 2024 [EN] (pdf)
- Investor Presentation October 2024 [EN] (pdf)
- Investor Presentation September 2024 [EN] (pdf)
- Investor Presentation September 2023 [EN] (pdf)
- Investor Presentation August 2022 [EN] (pdf)
- Investor Presentation February 2022 [EN] (pdf)
- Investor Presentation June 2021 [EN] (pdf)
- Investor Presentation March 2021 [EN] (pdf)
- Investor Presentation 2020 December [EN] (pdf)
- Investor Presentation 2020 February [EN] (pdf)
- Investor Presentation 2019 October [EN] (pdf)
Financial reports
2024
2023
2022
2021
2020
2019
2018
2017
Rating
| Moody's Investors Service 1 | Fitch Ratings 2 | |
|---|---|---|
| Long term senior unsecured | Aa3 | A+ |
| Short term | F1+ | |
| Outlook | Negative | Stable |
| Last rating report | 03/11/2025 | 30/12/2024 |
1On 29 October 2025, Moody’s revised ALS’s rating outlook from “Stable” to “Negative”, in line with its revision of France’s sovereign credit rating outlook on 24 October 2025 (https://ratings.moodys.com/ratings-news/453488)
2On 18 September 2025, Fitch Ratings has revised ALS’ Rating and Outlook to “A+, Stable Outlook” from “AA-, Negative Outlook” following a similar action on the French sovereign on 12 September 2025 (https://www.fitchratings.com/site/pr/10321906)
Moody's
- Credit opinion 2025 (11/2025) [EN] (pdf)
- Credit opinion 2024 (12/2024) [EN] (pdf)
- Credit opinion 2024 (11/2024) [EN] (pdf)
- Credit opinion 2024 (02/2024) [FR] (pdf)
- Credit opinion 2023 (12/2023) [EN] (pdf)
- Credit opinion 2023 (03/2023) [EN] (pdf)
- Credit opinion 2021 (12/2021) [EN] (pdf)
- Credit opinion 2020 (12/2020) [EN] (pdf)
- Credit opinion 2020 (02/2020) [EN] (pdf)
- Credit opinion 2019 (09/2019) [EN] (pdf)
Fitch
- Rating report ALS (12/2024) [EN] (pdf)
- Rating report ALS (12/2023) [EN] (pdf)
- Rating report ALS (01/2022) [EN] (pdf)
- Rating report ALS (12/2021) [EN] (pdf)
- Rating report 2021 (01/2021) [EN] (pdf)
- Rating action commentary (12/2020) [EN] (pdf)
- Revised outlook (05/2020) [EN] (pdf)
- Full report 2019 (09/2019) [EN] (pdf)
Debt
EMTN Programme
- Second supplement – November 2025 (pdf)
- First supplement - 2025 (pdf)
- EMTN Programme - 2025 (pdf)
- Fourth supplement - January 2025 (pdf)
- Third supplement - November 2024 (pdf)
- Seconde supplement - October 2024 (pdf)
- First supplement - October 2024 (pdf)
- EMTN Programme - 2024 (pdf)
- EMTN Programme - 2023 (pdf)
- First supplement - 2023 (pdf)
- EMTN Programme - 2022 (pdf)
- EMTN Programme - 2021 (pdf)
- First supplement - 2019 (pdf)
- EMTN Programme - 2019 (pdf)
Bond issues’ Final Terms
- FR0014012V68 - ALS – September 2025 – 10y – Final Terms (Fr)
- FR001400TB83 - ALS - October 2024 – 15y – Final Terms (Fr)
- FR001400L362 - ALS - September 2023 – 15y – Final Terms (Fr)
- FR001400FTI1 - ALS - February 2023 - 20y - Final Terms (Fr)
- FR001400CWI2 - ALS - September 2022 - 15y - Final Terms (Fr)
- FR0014009N55 - ALS - April 2022 - 10y - Final Terms (Fr)
- FR0014005SE7 - ALS - October 2021 - 10y - Final Terms (Fr)
- FR0014004JA7 - ALS - July 2021 - 20y - Final Terms (Fr)
- FR0013457058 - ALS - October 2019 - 15y - Final Terms (Fr)
Sustainable bonds
Sustainable framework
Second party opinion
Reporting
Non-financial performance report
- Déclaration de performance extra-financière 2024 [FR] (pdf)
- Déclaration de performance extra-financière 2023 [FR] (pdf)
- Déclaration de performance extra-financière 2022 [FR] (pdf)
- Déclaration de performance extra-financière 2021 [FR] (pdf)
- Déclaration de performance extra-financière 2020 [FR] (pdf)
- Déclaration de performance extra-financière 2019 [FR] (pdf)
- Déclaration de performance extra-financière 2018 [FR] (pdf)
Legal framework
- Establishment of Action Logement Group
Decree no. 2016-1408 of 20 October 2016, Article 1 paragraph 3
https://www.legifrance.gouv.fr/eli/ordonnance/2016/10/20/LHAL1617659R/jo/texte - Participation des Employeurs à l‘Effort de Construction (PEEC)
Law of 22 December 2018
https://www.legifrance.gouv.fr/affichCode.do?idArticle=LEGIARTI000037949687&idSectionTA=LEGISCTA000006176366&cidTexte=LEGITEXT000006074096&dateTexte=20181223 - Reorganisation of the PEEC
Decree no. 2016-1408 of 21 October 2016
https://www.legifrance.gouv.fr/eli/ordonnance/2016/10/20/2016-1408/jo/texte - Approval of ALG's Articles of Association
Decree no. 2016-1681 of 5 December 2016
https://www.legifrance.gouv.fr/eli/decret/2016/12/5/LHAL1632544D/jo/texte - Approval of Action Logement Services (ALS) Articles of Association
Decree no. 2016-1769 of 19 December 2016
https://www.legifrance.gouv.fr/eli/decret/2016/12/19/LHAL1634067D/jo/texte - The five-year agreement 2018-2022
Agreement of 16 January 2018
https://www.legifrance.gouv.fr/eli/convention/2018/2/8/TERL1736275X/jo/texte - The Voluntary Investment Plan
Agreement of 25 April 2019
https://www.legifrance.gouv.fr/eli/convention/2019/4/25/LOGL1913704X/jo/texte - Amendment to the five-year agreement 2018-2022 and to the Voluntary Investment Plan
February 2021 (French version)
https://groupe.actionlogement.fr/sites/default/files/documents/investisseurs/fr/7_LEGAL/avenant_convention_quinquennale_2018_2022_signe.pdf - Five-year agreement 2023-2027
June 16, 2023
https://groupe.actionlogement.fr/sites/default/files/cq_2023-2027_jo.pdf - Management rules for the single fund referred to in the French Construction and Housing Code
Decree no.2024-573 of 21 June 2024
https://www.legifrance.gouv.fr/download/pdf?id=kK3KEkcuqBGeY8g1tgR6LK3PzXyh2U2x_naRfEud_Wg=
News
- 2025/09/23 – September 2025 Bond Issue
- 2024/06/17 – ALS 2024 Financial and consolidated results
- 2024/07/08 – ALS 2023 Financial and consolidated results
- 2023/10/19 - October 2023 Bond Issue
- 2023/09/06 - ALS 2022 Financial and consolidated results
- 2023/02/08 - February 2023 Emission
- 2023/02/02 - 2022 : A consistent position for Action Logement
- 2022/10/09 Classification d’ALS en qualité d’administration publique par l’INSEE
- 2022/06/10 ALS 2021 consolidated results
- 2022/04/01 april 2021 bond issue
- 2021/06/29 PR - FY2020 ALS consolidated results
- 2021/06/09 2020 Financial results
- 2021/02/05 PR-ALS CEO appointment
- 2021/02/04 PR ALS mobilises resources in response to the crisis
- 2020/06/19 2019 ALS Financial statements
- 2019/10/24 Inaugural bond issue
- 2019/10/11 PR ALS CEO appointment
Contact
Olivier RICO
General manager Action Logement Services
[email protected]