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DBRS assigns 1st-time ratings to BNP Paribas' Italian unit

DBRS assigned first-time ratings to Banca Nazionale del Lavoro SpA, including an A (high) long-term issuer rating and an R-1 (middle) short-term issuer rating.

The Italian lender was also assigned A (high) long-term senior debt and deposit ratings as well as R-1 (middle) short-term debt and deposit ratings.

At the same time, the rating agency assigned the lender a support assessment of SA1, which implies strong and predictable support from parent BNP Paribas SA.

DBRS noted that the support assessment rating takes into consideration the 100% ownership of Banca Nazionale del Lavoro by the French lender, its strategic importance and integration in the group, as well as the unit's financial track record and credit fundamentals.

The trend on all ratings is stable.