DBRS rates BNPP’s Inaugural Senior Non-Preferred Notes at A (high) with Stable Trend

DBRS Ratings Limited (DBRS) has assigned a rating of A (high) with Stable Trend to BNP Paribas SA’s (BNPP or the Bank) Senior Non-Preferred Notes. These are to be issued under the EUR 90 billion Euro Medium Term Programme and the USD 30 billion US Medium Term Programme. The rating on BNPP’s Senior Non-Preferred Notes is one notch below the Bank’s Intrinsic Assessment of AA (low).

DBRS’s approach for rating Senior Non-Preferred Notes issued by banks in France was outlined in DBRS’s comment “DBRS: Rating the New French Senior Non-preferred Debt Instruments”, dated November 22, 2016 (http://dbrs.com/research/302267/dbrs-rating-the-new-french-senior-non-preferred-debt-instruments.html).

Any change in BNPP’s Intrinsic Assessment would lead to a change in the rating of the Senior Non-Preferred Notes.

Notes:

All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (July 2016). Other applicable methodologies include the DBRS Criteria: Support Assessments for Banks and Banking Organisations (March 2016), DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016), DBRS Criteria: Guarantees and Other Forms of Support (February 2016), and DBRS Critical Obligations Rating Criteria (February 2016). These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents, SNL Financial, ECB, ACPR, and French Parliament. DBRS considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance

For further information on DBRS historical default rates published by the European Securities and Markets Authority (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Tomasz Walkowicz
Rating Committee Chair: Elisabeth Rudman
Initial Rating Date: 23 July 2015
Most Recent Rating Update: 8 August 2016

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