(8)Fourth, credit ratings must not relate to financial instruments issued by the respective central banks’ Member States. Point 1.1 of the Code provides that the credit ratings produced by the Banque de France relate to non-financial firms. They relate to firms established in the French metropolitan territory and in the French ‘départements d’Outre-Mer’ covered by the ‘Institut d’émission des départements d’outre-mer’ (IEDOM). The Contract provides that the credit ratings produced by the Banque de France relate to firms. Therefore, the Banque de France does not issue credit ratings related to the public offering of financial instruments issued by the State of France, nor by other Member State.