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
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