Summary: BNP PARIBAS ZAO Dec 09

Standard & Poors, December 2009

Abstract
The ratings on Russia-based bank BNP PARIBAS ZAO reflect its strategic importance for its 100%-owner France-based BNP Paribas (AA/Negative/A-1+) as well as close integration into and operational and financial support from the BNP Paribas group. These strengths are underpinned by the benefits BNP PARIBAS ZAO receives from its parent, including ongoing funding support, guarantees on a large proportion of its loan portfolio, senior personnel representation, and risk management, which have helped the bank build a material franchise in corporate and investment banking. These strengths are somewhat offset by BNP PARIBAS ZAO's weak capitalization; high loan portfolio concentrations; relatively high market risk; and low business diversification, owing to its focus on the highly competitive and volatile wholesale banking business. BNP PARIBAS...

Companies mentioned in this report are:
- BNP Paribas ZAO
- BNP Paribas

Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- BNP Paribas ZAO
- BNP Paribas

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