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BNP Paribas Long-Term Rating Lowered To 'AA'; 'A-1+' Short-Term Rating Affirmed; Outlook Negative Jan 09
Standard & Poors, Jan 2009
Abstract
PARIS (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on France-based bank BNP Paribas to 'AA' from 'AA+' and removed it from CreditWatch, where it had been placed with negative implications on Dec. 17, 2008. At the same time, we affirmed the 'A-1+' short-term rating on the bank. The outlook is negative. 'The rating action reflects the material negative impact on BNP Paribas' financial profile of the current market dislocation and rapidly deteriorating global economic cycle,' said Standard & Poor's credit analyst Bernard de Longevialle. 'We expect a significant decline in profitability, with net income dropping from more than -7 billion in 2007 to a moderate -3 billion...
Companies mentioned in this report are: BNP Paribas
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch
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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