Fitch Affirms BNP Paribas, Canada Branch's IDR at 'A+'; Outlook Stable
CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the Long- and Short-term Issuer Default Ratings (IDR) for BNP Paribas, Canada Branch (BNPP Canada), a branch of BNP Paribas SA (BNPP SA), at 'A+' and 'F1' respectively. As such, BNPP Canada's ratings have been equalized with those of the parent company. The Rating Outlook is Stable.
A full list of rating actions follows at the end of this press release.
SUBSIDIARY AND AFFILIATED COMPANY KEY RATING DRIVERS - IDRs
The IDRs for BNPP Canada, a branch of BNPP SA, are linked to the parent company. Prior to a structural change, where by BNPP Canada was a subsidiary of BNPP SA, BNPP SA unconditionally guaranteed all of BNPP Canada's liabilities up to $6 billion. BNPP SA's explicit guarantee is no longer applicable; thus, BNPP Canada's ratings are directly tied to its parent ratings.
RATING SENSITIVITIES - IDRs
BNPP SA's ratings drive BNPP Canada's ratings. Any change to the current branch structure that may change BNPP SA's support will likely impact BNPP Canada's current ratings. Additionally, any change in BNPP SA's ratings is likely to result in rating changes for BNPP Canada.
Fitch affirms the following ratings:
BNPP Paribas, Canada Branch
--Long-term IDR at 'A+'; Outlook Stable
--Short-term IDR at 'F1'
Additional information is available on www.fitchratings.com
Applicable Criteria and Related Research
--Global Financial Institutions Rating Criteria (January 2014).
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria