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Ratings Assigned To Third Issue From BNP Paribas Covered Bonds Program May 07

  • ID: 1826697
  • May 2007
  • Standard & Poors
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PARIS (Standard & Poor's) May 30, 2007Standard & Poor's Ratings Services said today that it assigned a 'AAA' credit rating to the €2.5 billion fixed-rate covered bonds series 2007-2 issued under BNP Paribas' covered bond program. The program may issue up to €25 billion in total. Under the terms of the program, BNP Paribas Covered Bonds issued the covered bonds and used the proceeds to fund a credit facility to be made available to BNP Paribas. The advances match the terms and conditions of the covered bonds to ensure full and timely payment under the covered bonds. If BNP Paribas defaults, the issuer can receive ownership of a pool of residential loans. These assets secure the financial obligations of BNP...

Companies mentioned in this report are:
- BNP Paribas

Action: New Rating

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- BNP Paribas

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