S&P affirms Exane

S&P said it affirmed the BBB+/A-2 long- and short-term issuer credit ratings on Exane SA and its subsidiary Exane Derivatives SNC.

The outlook is stable.

At the same time, the agency affirmed the BBB+ long-term issue rating on Exane's senior unsecured debt ratings.

S&P said the ratings on the group reflect a view of its business strengths as one of the leading European equity research and brokerage houses, albeit of a smaller scale than the bulge bracket banks with which it competes.

“We see it as consistently profitable, with a solid balance sheet as reflected in adequate capitalization and funding and liquidity positions,” the agency said in a news release.

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