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S&P revises outlook on BNP Paribas, units

S&P Global Ratings on July 4 changed to positive from stable the outlook on France-based BNP Paribas SA and majority of its core banking units, while affirming their A/A-1 long- and short-term issuer credit ratings.

The units include BGL BNP Paribas SA, BNP Paribas Fortis SA and BNP Paribas Securities Services.

The agency also revised the outlook on the bank's U.S. unit Bank of the West to positive from stable and affirmed the unit's long- and short-term issuer credit ratings at A-/A-2. The ratings were affirmed at BBB/A-2 for Banca Nazionale del Lavoro SpA, with a stable outlook.

The outlook revision is based on BNP Paribas' engagement in the rapid build-up of a buffer of bail-in debt in 2017 and reflects S&P's expectation that it could take into consideration one notch of additional loss-absorbing capacity extraordinary support in the bank's long-term ratings in the coming year.

Meanwhile, the rating agency affirmed the long-term issuer credit ratings of Cardif Assurances Vie SA and Cardif-Assurances Risques Divers SA at A and that of BNP Paribas Cardif at A-, with stable outlooks. The financial strength ratings of Cardif Assurances Vie and Cardif-Assurances Risques Divers were also affirmed at A, with a stable outlook.

Furthermore, the rating agency affirmed the long- and short-term resolution counterparty ratings of BNP Paribas and units including BNP Paribas SA (Dublin Branch), BNP Paribas Personal Finance and BNP Paribas Issuance BV at A+/A-1. The ratings were affirmed at A/A-1 for BNP Paribas Securities Corp.; at A-/A-2 for Bank of the West; and at BBB+/A-2 for BNL.

The long- and short-term South Africa national scale ratings of BNP Paribas Personal Finance South Africa Ltd. were affirmed at zaAA+/zaA-1+.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found in the sources section.