Fitch upgrades BNP Paribas

Fitch Ratings said it upgraded BNP Paribas SA's senior preferred long- and short-term debt ratings to AA- and F1+ from A+ and F1, respectively.

Fitch also said it upgraded the company's derivative counterparty rating to AA-(dcr) from A+(dcr) and assigned long- and short-term deposit ratings of AA- and F1+.

The agency also said it affirmed BNP Paribas's long-term issuer default rating at A+, short-term issuer default rating at F1 and viability rating at A+.

The outlook is stable.

The upgrades reflect a view that the combined buffer of qualifying junior debt and senior non-preferred debt is sufficient to materially reduce the risk of default for BNP Paribas's senior preferred creditors in case of failure, Fitch said.

The ratings consider the group's very diverse and stable business model, as well as leading franchises in selected markets, the agency said.

The ratings are supported by resilient earnings generation, even in challenging operating environments, Fitch said.

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