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BNP Paribas Personal Finance Sep 10
Standard & Poors, Sep 2010
Abstract
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
Action: Review
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: Full Analysis
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