info

Yes No
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Está por salir del sitio local de México y comenzará a navegar en el sitio global. ¿Desea continuar?
No mostrar este mensaje nuevamente
Si
No
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities. Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.

 

4.             To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.     

 

5.             You agree to read and be bound by the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

​
I AGREE
Rating Action:

Moody's upgrades BNP Paribas to A1 and assigns stable outlook

04 Apr 2014

NOTE: On May 08, 2014, the press release was revised as follows: In the first paragraph, added the following as the third sentence: “Moody’s has also affirmed the Prime-1 short-term ratings of BNP Paribas’s affected subsidiaries”. In addition, in the list of affected ratings, for issuers BNP Paribas Securities Services and BNP Paribas, New York Branch, added: “Short-term Bank Deposit affirmed at P-1”. Revised release follows.

London, 04 April 2014 -- Moody's Investors Service has today upgraded to A1 from A2 the debt and deposit rating of BNP Paribas, as well as the ratings of some of its subsidiaries, and assigned a stable outlook. Concurrently, Moody's raised BNP Paribas's baseline credit assessment to baa1 from baa2 and affirmed the bank's standalone bank financial strength rating (BFSR) of C- and Prime-1 short-term rating. Moody’s has also affirmed the Prime-1 short-term ratings of BNP Paribas’s affected subsidiaries. A full list of affected entities and ratings is included at the end of this press release.

The upgrade of the long-term ratings was prompted by Moody's raising BNP Paribas's baseline credit assessment to baa1 from baa2, reflecting the bank's (1) significant improvements in its liquidity and funding profiles that we expect to endure and (2) reduced uncertainty associated with its exposures to Italy. The rating also continues to incorporate BNP's strong retail and commercial banking franchises that generate significant earnings "shock-absorbers" and its improved capital and leverage positions.

"The improvements in BNP's liquidity and funding position and the reduction in uncertainties that the bank faces with regard to its large exposures to Italy, have strengthened BNP's credit profile" said Alessandro Roccati, Moody's Senior Vice President.

BNP's A1 supported long-term and deposit ratings are driven by the baa1 unsupported credit assessment as well as Moody's view that senior depositors and bondholders will very likely benefit from French government support if needed, providing three notches of uplift from the unsupported credit assessment. Moody's view on systemic support for BNP is in line with the view it takes for the other large systemically important French banks.

RATINGS RATIONALE

The raising of BNP's standalone credit assessment to baa1 from baa2 reflects, in part, BNP's continuing improvements in its liquidity and funding profile. Liquidity buffers have increased and their quality continues to improve, whilst short term wholesale funding needs are reducing; these liquidity buffers are at a level in line with that of most European banks with large capital markets activities. Furthermore, the wholesale funding risk arising from BNP's customer funding gap (the difference between customer deposits and customer loans) has significantly declined resulting from an increase in deposits and more effective asset and liability management, which we expect to be sustained over the long term. Moody's notes, however, that BNP's funding structure continues to depend on a large amount of confidence-sensitive wholesale funding (EUR305 billion at end-2013 ) to support its substantial capital market operations.

Today's action also reflects Moody's view that the potential losses from BNP's exposures to Italy will be manageable in the context of BNP's loss absorption capacity. BNP has large exposures to the Italian economy mainly through its BNL retail customer loan book (EUR80 billion at end-2013 or 13% of BNP group loans), its large corporate loan book and its large holdings of Italian sovereign bonds (EUR12 billion at end-2013 or 14% of shareholders' equity) that remain subject to the unfavourable, albeit improving, Italian economic environment. Whilst the ECB's comprehensive assessment could generate additional credit adjustments in 2014, we view BNL's risk as manageable for BNP. BNP's large earnings "shock-absorbers" from its more stable and profitable retail business lines in France and Belgium, insurance, and asset and wealth management businesses provide comfortable buffers, even in an Italian stress scenario. Longer term, we expect BNL's weak profitability to show mild improvements driven by a moderate decrease in its cost of credit.

BNP's standalone credit assessment of baa1 is also supported by Moody's expectation that the bank's fundamentals will improve over the next few years due to the reliability of earnings generation and the bank's ability to continue to build capital organically. BNP enjoys a position that includes strong retail and commercial banking franchises across various product lines and geographies (representing around two thirds of revenues) that will provide the bank with a stable and low volatility earnings stream. Reliance on more volatile capital market activities (at 14% of firm-wide revenue in 2013) is lower than for its global peers, and is expected to remain at this level. The moderate improvement in the outlook for the euro area economy (representing around two thirds of BNP's credit exposures) is also supportive of our standalone rating.

BNP's baa1 standalone credit assessment also incorporates its improved capital and leverage positions. Moody's expects that BNP's current position and strong operating capital generation will allow it to be able to comply with more stringent regulatory requirements. These include increasing capital requirements, the Basel 3 leverage ratio and proposed rules on recovery and resolution, and requirements in the US to set up an intermediate holding company (IHC). At end-2013, the bank recorded a pro-forma Basel 3 common equity Tier 1 ratio of 10.3%, slightly above the median of its peers and a Basel 3 leverage ratio of 3.7%, well above the regulatory requirement of 3% from 2018 and above the average of most European banks with large capital markets activities.

RATIONALE FOR THE STABLE OUTLOOK

Moody's has assigned a stable outlook to the A1 long-term ratings and C- BFSR to reflect its view of the bank's large and stable shock-absorbing businesses that Moody's expects will provide strong operating capital generation and advantages in terms of risk diversification and loss absorption capacity. The stable outlook also incorporates Moody's expectations regarding the sustainability of both BNP's improved capital and leverage positions, which makes regulatory pressures manageable; and its improved funding and liquidity position, now more in line with international peers.

LIST OF AFFECTED RATINGS

The following ratings were affected and, where relevant, assigned stable outlook.

BNP Paribas

- Bank Financial Strength Rating affirmed at C-

- Baseline Credit Assessment and adjusted Credit Assessment upgraded to baa1 from baa2

- Long-term Bank Deposits upgraded to A1 from A2

- Short-term Bank Deposit and Deposit Note/CD Program affirmed at P-1

- Issuer Rating upgraded to A1 from A2

- Other Short Term affirmed at (P)P-1

- Senior Unsecured upgraded to A1 from A2

- Senior Unsecured MTN upgraded to (P)A1 from (P)A2

- Subordinate upgraded to Baa2 from Baa3

- Subordinate MTN upgraded to (P)Baa2 from (P)Baa3

- Junior Subordinate upgraded to Baa3 from Ba1

- Junior Subordinate MTN upgraded to (P)Baa3 from (P)Ba1

- BACKED Senior Unsecured upgraded to A1 from A2

- BACKED Senior Unsecured MTN upgraded to (P)A1 from (P)A2

- BACKED Subordinate MTN upgraded to (P)Baa2 from (P)Baa3

- BACKED Other Short Term affirmed at (P)P-1

- Pref. Stock Non-cumulative upgraded to Ba1(hyb) from Ba2(hyb)

BNP Paribas Canada

- BACKED Commercial Paper affirmed at P-1

BNP Paribas Finance, Inc.

- BACKED Commercial Paper affirmed at P-1

BNP Paribas Securities Services

- Bank Deposits upgraded to A1 from A2

- Short-term Bank Deposit affirmed at P-1

BNP Paribas US Medium-Term Note Program LLC

- BACKED Senior Unsecured upgraded to A1 from A2

- BACKED Senior Unsecured MTN upgraded to (P)A1 from (P)A2

- BACKED Subordinate upgraded to Baa2 from Baa3

- BACKED Subordinate MTN upgraded to (P)Baa2 from (P)Baa3

- BACKED Other Short Term affirmed at (P)P-1

BNP Paribas, Australian Branch

- Other Short Term affirmed at (P)P-1

- Senior Unsecured upgraded to A1 from A2

- Senior Unsecured MTN upgraded to (P)A1 from (P)A2

BNP Paribas, New York Branch

- Deposit Note/CD Program upgraded to A1 from A2

- Bank Deposits upgraded to A1 from A2

- Short-term Bank Deposit affirmed at P-1

Banque Paribas

- BACKED Senior Unsecured upgraded to A1 from A2

Compagnie Bancaire

- BACKED Senior Unsecured upgraded to A1 from A2

The principal methodology used in these ratings was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Alessandro Roccati
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Robert Franklyn Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's upgrades BNP Paribas to A1 and assigns stable outlook
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the credit rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  
Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
InicioEstudios & CalificacionesProductos & SolucionesNoticias & EventosEmpleo
Ayuda y SoporteContactoPresente su Queja
Condiciones de UsoPolítica de PrivacidadDerechos de Propiedad
© 2023 Moody’s Investors Service, Inc., Moody’s Analytics, Inc. y/o sus afiliadas y licenciadas. Derechos reservados.