Research Update: BancWest Corp. Ratings Lowered To 'A+/A-1' From 'AA-/A-1+'; Outlook Negative Apr 10

Standard & Poors, April 2010

Abstract
We believe that BWE's higher nonperforming assets and pressure on asset quality is likely to have a further negative impact on earnings. We have lowered our counterparty credit rating on BancWest Corp. to 'A+/A-1' from 'AA-/A-1+' with a negative outlook. Asset quality pressure will persist during 2010, limiting earnings potential. On April 15, 2010, Standard & Poor's Ratings Services revised its counterparty credit ratings on BancWest Corp. (BWE) to 'A+/A-1' from 'AA-/A-1+'. The outlook is negative. The ratings reflect our view of BWE as a strategically important, wholly owned subsidiary of BNP Paribas. Our internal designation of BWE as a strategically important subsidiary warrants four notches of support above BWE's stand-alone credit profile rating. Our analysis of BWE's financial fundamentals...

Companies mentioned in this report are:
- BancWest Corp.
- BNP Paribas
- First Hawaiian Bank
- Bank of the West
- First Hawaiian Capital I

Action: Downgraded
Action: Outlook: Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- BancWest Corp.
- BNP Paribas
- First Hawaiian Bank
- Bank of the West
- First Hawaiian Capital I

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