S&P: Paribas Cardif notes BBB-

Standard & Poor’s said it assigned a BBB- long-term issue rating to the proposed perpetual subordinated notes to be issued by BNP Paribas Cardif.

BNP Paribas Cardif is a non-operating holding company that mainly consolidates two French insurers, Cardif Assurance Vie and Cardif Assurance Risques Divers, which is considered core to the BNP Paribas Group, S&P said.

The notes are rated four notches below the company’s A long-term counterparty credit rating. This incorporates two downward notches, reflecting the subordination and interest deferral features, the agency said.

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