BNP Paribas Personal Finance Sep 10
- ID: 1828280
- September 2010
- Standard & Poors
Core membership in BNP Paribas. Strong market position and efficient business model. Proven credit risk management. Satisfactory operating efficiency. High exposure to volatile emerging-market economies and more risky Western European countries. Deterioration in credit risk charges that weigh on bottom-line profitability. Standard & Poor's Ratings Services equalizes the ratings on France-based BNP Paribas Personal Finance (BNPPPF) with those on its 100% parent BNP Paribas (AA/Negative/A-1+). This reflects our view that BNPPPF enjoys a core position in its parent group's strategy, and that potential for parental support counterbalances BNPPPF's weakening stand-alone credit profile, mainly due to higher credit risk charges and deteriorating profitability. The ratings on BNPPPF are currently four notches above its stand-alone creditworthiness. With €76 billion in net customer...
Companies mentioned in this report are:
- BNP Paribas Personal Finance
- BNP Paribas
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Research Type: Full Analysis