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BNP Paribas Outlook To Negative On ?14.5 Bil Fortis Acquisition; 'AA+/A-1+' Ratings Affirmed Oct 08
Standard & Poors, Oct 2008
Abstract
PARIS (Standard & Poor's) Oct. 6, 2008--Standard & Poor's Ratings Services said today that it revised its outlook on French banking group BNP Paribas to negative from stable. At the same time, we affirmed our 'AA+/A-1+' long- and short-term counterparty credit ratings on the bank. 'The outlook revision follows BNP Paribas' announced acquisition of the bulk of recently nationalized Belgian-Dutch banking group Fortis' operations outside the Netherlands,' said Standard & Poor's credit analyst Bernard de Longevialle. BNP Paribas is buying a majority stake in Fortis' banking units in Belgium and Luxembourg, Fortis Bank SA/NV and Fortis Banque Luxembourg S.A., the Belgian insurance division, and the group's international banking franchises, for a total share-and-cash deal of -14.5 billion. The group will...
Companies mentioned in this report are: BNP Paribas
Action: Affirmed
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.
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.
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