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Fitch Assigns Initial 'A+' IDR to BNP Paribas Canada; Outlook Stable
August 29, 2013 / 6:53 PM / 4 years ago

Fitch Assigns Initial 'A+' IDR to BNP Paribas Canada; Outlook Stable

(The following statement was released by the rating agency) NEW YORK, August 29 (Fitch) Fitch Ratings has assigned an initial 'A+' long-term Issuer Default Rating (IDR) to BNP Paribas Canada (BNPP Canada). A complete list of rating actions follows at the end of this release. Rating Action and Rationale - IDRs As a wholly owned subsidiary of BNP Paribas S.A., BNPP Canada's long- and short-term IDRs are linked to those of its parent company. BNP Paribas S.A. unconditionally guarantees all of the liabilities of BNPP Canada up to $6 billion (CAD). As such, BNPP Canada's ratings are equalized with its parent company's ratings at 'A+'. Key Ratings Drivers and Sensitivities - IDRs BNPP Canada's guarantee is driven by the unconditional guarantee of its parent company, BNP Paribas S.A. Any changes to the guarantee limiting its impact or balance sheet growth over the $6 billion limit could result in a negative rating action for BNPP Canada. Additionally, any change to the parent company's rating would result in a rating change to BNPP Canada's IDRs. Fitch has assigned the following ratings to BNP Paribas Canada: --Long-term IDR 'A+'; Outlook Stable; --Short-term IDR 'F1'. Contact: Primary Analyst Jaymin Berg Director +1-212-908-0368 Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 Secondary Analyst Justin Fuller Director +1-312-368-2057 Committee Chairperson Christopher Wolfe Managing Director +1-212-908-0771 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable Criteria and Related Research: --Global Financial Institutions Rating Criteria (Aug. 15, 2012); --Rating FI Subsidiaries and Holding Companies (Aug. 10, 2012); --U.S. Banks: Liquidity and Deposit Funding (Aug. 8, 2013); --Risk Radar (April 4, 2013); --U.S. Banks: Interest Rate Risk: (What Happens When Rates Rise (June 18, 2013); --U.S. Bank Mergers and Acquisitions: When Will The Catalysts Kick In? (July 11, 2013). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here U.S. Banks: Liquidity and Deposit Funding here Risk Radar - Global here U.S. Banks: Interest Rate Risks (What Happens When Rates Rise) here U.S. Bank Mergers and Acquisitions -- When Will The Catalysts Kick In? here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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