News Column

Fitch Affirms BNP Paribas, Canada Branch's IDR at 'A+'; Outlook Stable

August 26, 2014



CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed the Long- and Short-term Issuer Default Ratings (IDR) for BNP Paribas, Canada Branch (BNPP Canada), a branch of BNP Paribas SA (BNPP SA), at 'A+' and 'F1' respectively. As such, BNPP Canada's ratings have been equalized with those of the parent company. The Rating Outlook is Stable.

A full list of rating actions follows at the end of this press release.

SUBSIDIARY AND AFFILIATED COMPANY KEY RATING DRIVERS - IDRs

The IDRs for BNPP Canada, a branch of BNPP SA, are linked to the parent company. Prior to a structural change, where by BNPP Canada was a subsidiary of BNPP SA, BNPP SA unconditionally guaranteed all of BNPP Canada's liabilities up to $6 billion. BNPP SA's explicit guarantee is no longer applicable; thus, BNPP Canada's ratings are directly tied to its parent ratings.

RATING SENSITIVITIES - IDRs

BNPP SA's ratings drive BNPP Canada's ratings. Any change to the current branch structure that may change BNPP SA's support will likely impact BNPP Canada's current ratings. Additionally, any change in BNPP SA's ratings is likely to result in rating changes for BNPP Canada.

Fitch affirms the following ratings:

BNPP Paribas, Canada Branch

--Long-term IDR at 'A+'; Outlook Stable

--Short-term IDR at 'F1'

Additional information is available on www.fitchratings.com

Applicable Criteria and Related Research

--Global Financial Institutions Rating Criteria (January 2014).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=732397

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=857634

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Justin Fuller, CFA

Senior Director

+1-312-368-2057

Fitch Ratings, Inc.

Chicago, IL 60602

or

Secondary Analyst

Jaymin Berg

Director

+1-212-908-0368

or

Committee Chairperson

Tara Kriss

Senior Director

+1-212-908-0369

or

Media Relations:

Brian Bertsch, +1-212-908-0549 (New York)

brian.bertsch@fitchratings.com


Source: Fitch Ratings


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