Ratings On Five Bond Issues Supported By BNP Paribas LOCs Affirmed And Removed From CreditWatch Positive Jul 09

Standard & Poors, July 2009

Abstract
NEW YORK (Standard & Poor's) July 31, 2009--Standard & Poor's Ratings Services today affirmed its ratings on five bond issues supported by BNP Paribas's letters of credit (LOCs) and removed the ratings from CreditWatch with positive implications, where they were placed April 22, 2009 (see list). The rating actions reflect our assessment that the bonds are not eligible for the application of our revised joint-support criteria (see "Joint-Support Criteria Update," published April 22, 2009, on RatingsDirect). Therefore, our ratings on the bonds are based solely on the credit and liquidity support that BNP Paribas ('AA/A-1+') provides in the form of LOCs, which provide for the full and timely payment of interest, principal, and the purchase price upon a tender according...

Companies mentioned in this report are:
- BNP Paribas
- York Cnty Indl Dev Auth
- Delaware Cnty Indl Dev Auth
- Montgomery Cnty Indl Dev Auth
- Salem Cnty Indl Poll Ctl Fin Auth

Action: Affirmed
Action: Removed From CreditWatch

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.

- BNP Paribas
- York Cnty Indl Dev Auth
- Delaware Cnty Indl Dev Auth
- Montgomery Cnty Indl Dev Auth
- Salem Cnty Indl Poll Ctl Fin Auth

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