DBRS Withdraws Ratings on FB Funding

DBRS Inc. (DBRS) has today withdrawn the R-1 (middle) short-term rating of FB Funding Company. The decision to withdraw the rating follows the liquidation of this vehicle. Initially, the rating applied to the obligations of FB Funding Company, a Canadian corporation established to issue up to $CAD 500 million in money market obligations. The obligations of FB Funding Corporation were guaranteed by the Grand Cayman branch of (former) Fortis Bank.

DBRS rates BNPP Fortis’s Short-term Obligations at R-1 (high) with a Negative trend. DBRS views BNPP Fortis as a core component of BNP Paribas’ retail franchise and, therefore, DBRS has assigned a support assessment of SA1 to BNPP Fortis. The SA1 designation implies strong and predictable support from the parent, BNP Paribas, SA.

Notes:
All figures are in Euros (EUR) unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2014). Other applicable methodologies include the DBRS Criteria – Support Assessment for Banks and Banking Organisations (January 2014) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 2013). These can be found at: http://www.dbrs.com/about/methodologies.

The primary sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Roger Lister
Rating Committee Chair: Alan G. Reid
Initial Rating Date: 6 July 2005
Most Recent Rating Update: 2 July 2014

For additional information on this rating, please refer to the linking document under Related Research.