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Moody's changes outlook on BNP Paribas' Polish unit to positive

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Moody's changes outlook on BNP Paribas' Polish unit to positive

Moody's on Oct. 17 affirmed BNP Paribas Bank Polska SA's long-term deposit ratings at Baa1 and changed the outlook to positive from stable.

Moody's said the positive outlook reflects upward pressure that could develop on the long-term deposit ratings if current positive trends on BNP Paribas Bank Polska's financial fundamentals consolidate over the outlook period.

The rating agency also upgraded the BNP Paribas SA unit's baseline credit assessment to "ba1" from "ba2" and affirmed its Prime-2 short-term deposit ratings, "baa3" adjusted baseline credit assessment, A3/Prime-2 long- and short-term counterparty risk ratings and A3(cr)/Prime-2(cr) long- and short-term counterparty risk assessments.

Moody's said the upgrade of the bank's baseline credit assessment reflects its improved financial profile following its acquisition of Raiffeisen Bank Polska SA's core operations from Raiffeisen Bank International AG, adding that it expects the improvements to continue over the outlook period, particularly in terms of profitability.