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S&P changes BNP Paribas view
S&P said it revised to positive from stable its outlook on BNP Paribas and most of its core banking subsidiaries.
The agency affirmed the A long-term and A-1 short-term issuer credit ratings on the entities, as well as all the ratings on their senior nonpreferred notes, subordinated debt and hybrid capital instruments.
At the same time, S&P revised to positive from stable the outlook on Bank of the West.
The agency also affirmed the BBB/A-2 issuer credit ratings on the group's core subsidiary Banca Nazionale Del Lavoro SpA. The outlook on Banca Nazionale Del Lavoro remains stable.
S&P affirmed the resolution counterparty ratings on all of BNP Paribas’ core banking entities and on Bank of the West.
“The outlook revision to positive reflects a view of the rapid build-up of a bail-in debt buffer that the BNPP group engaged in 2017, and the possibility that this could lead us to factor into our long-term rating on BNPP one notch of extraordinary ALAC support in the coming year,” the agency said in a news release.
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