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BNP Paribas Long-Term Rating Lowered To 'AA-'; Ratings Affirmed On Four Large French Banks, SACPs Lowered Oct 11
Standard & Poors, Oct 2011
Abstract
We have reviewed the five largest French banks in light of more difficult economic and funding market conditions, and are taking several actions on ratings and components of our ratings. Funding market dislocations and negative market sentiment have revealed that the funding and liquidity profiles of the five banks are more vulnerable than we had thought. In our view, we see weaker economic prospects for Europe, including the peripheral countries to which some French banks are significantly exposed. We expect lower earnings due to this more difficult environment and higher funding costs. We have revised our Banking Industry Country Risk Assessment on France to Group 2 from the lower-risk Group 1. We believe these banks will increase their capital ratios...
Action: Affirmed
Action: Downgraded
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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