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BNP Paribas Feb 10
Standard & Poors, Feb 2010
Abstract
Strong and highly diversified business profile. Diversified earnings stream and good cost management. Stable and professional management team. Moderate risk appetite and strong risk culture. Large capital market activities, including a sizable portfolio of relatively illiquid and complex trading instruments. Large international loan book that entails significant credit risk exposure to the global economic downturn. Subdued profitability of recently acquired subsidiary BNP Paribas Fortis. Still significant equity exposure. The ratings on French banking group BNP Paribas reflect its strong and highly diversified business profile, sound financial position, good management, and moderate risk appetite. The ratings are constrained by the group's large credit portfolio and sizable capital market operations that leave it exposed to the still difficult economic environment and market...
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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