|
|
 |
|
Viewing report
|
|
|
|
BNP Paribas Personal Finance Mar 09
Standard & Poors, March 2009
Abstract
Core membership in BNP Paribas Strong market position and efficient business model Proven credit risk management Satisfactory operating efficiency Comparatively high exposure to volatile emerging-market economies Rapid deterioration in credit risk charges that weigh on bottom-line profitability Sharp decline in risk-adjusted profitability Standard & Poor's Ratings Services equalizes the ratings on France-based BNP Paribas Personal Finance (BNPPPF; formerly Cetelem) with those on its 100% parent BNP Paribas (AA/Negative/A-1+). This reflects our view that BNPPPF enjoys a core position in its parent group's strategy, and that potential for parent support counterbalances BNPPPF's weakening stand-alone credit profile owing to fast-rising credit risk charges. The ratings on BNPPPF are currently four notches above its stand-alone creditworthiness. Consumer finance specialist Cetelem became BNPPPF in...
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
|
|
|
|
