S&P releve la notation long terme de BNP Paribas
Veuillez trouver ci-dessous le communique de Standard and Poors annoncant
le relevement de la notation long terme de BNP Paribas de AA- a AA.
Communique de S&P :
On July 6, 2004, Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on French banking group BNP Paribas to 'AA' from
'AA-', reflecting its strong business profile, sound risk profile,
sustainable profitability, and focused strategy. At the same time, Standard
& Poor's also affirmed its 'A-1+' short-term counterparty credit rating on
the bank. The outlook is stable.
The rating action reflects BNP Paribas' strong and highly diversified
business profile and satisfactory financial profile, which is characterized
by contained risk, good profitability, a satisfactory capital base, and
high financial flexibility. The ratings also factor in the group's focused
strategy, which is well-implemented by a stable management team, as well as
its good acquisition track record and moderate appetite for risk.
BNP Paribas is one of the largest banking groups in Europe. Its very
diverse core businesses benefit from strong market positions and robust
risk management, allowing for resilient financial performance even in a
mediocre operating environment.
BNP Paribas' profitability is satisfactory and sustainable. The group's
well-diversified earnings streams and the intrinsic strength of its
individual business lines should continue to enable it to address potential
challenges more easily than its peers. Furthermore, management has a solid
track record of strict cost controls and, in Standard & Poor's opinion, the
group should be able to avoid significant deterioration of its
cost-to-income ratio (62% at March 31, 2004) in the near to medium term.
The group's consolidated risk profile is reasonably contained as a result
of its diversified range of activities and moderate appetite for risks.
Consolidated asset quality is sound. As a result of a sharp reduction in
new provisions on its U.S. portfolio, the cost of credit risk declined in
2003 by 7.4% compared with 2002. It is expected that in 2004, asset quality
will be supported by the improving global economy. Total loan loss
provisions should decline in 2004. Although BNP Paribas' market activities
are highly varied and extensive, its appetite for and exposure to market
risk is relatively limited.
With an adjusted common-equity-to-risk-weighted-assets ratio of 7.98% at
Dec. 31, 2003, BNP Paribas' capitalization compares favorably with that of
its peers. Although the group's dynamic expansion strategy is likely to
lead to a decline in capital ratios, Standard & Poor' expects BNP Paribas
to maintain capital strength broadly in line with that of 'AA'-rated peers.
The group has a medium-term target of Tier 1 of about 7%, compared with
8.9% as of March 31, 2004.
The stable outlook on BNP Paribas reflects Standard & Poor's expectation
that the group will maintain its satisfactory financial profile and focused
strategy. Standard & Poor's also expects that BNP Paribas will preserve its
credit risk-averse culture and that the group's earnings will continue to
be sustainable. Although lower revenues in the fixed-income capital markets
are expected throughout 2004, the group's diversified earnings stream,
strong cost controls, and declining cost of risk will ensure a continued
robust operating performance for the year. Similarly, the bank's dynamic
acquisition policy is not expected to generate material execution risks.
BancWest Corp. On March 16, 2004, BNP Paribas' U.S.-based subsidiary, ,
announced it had reached a definitive agreement to acquire Community First
Bankshares Inc. for $1.2 billion. This is consistent with BNP Paribas'
strategy and will have a limited impact on the group's financial profile.
This transaction would, however, be the group's first in the U.S. completed
outside of California. Although currently not a concern, this adds
incremental integration risks.
Ratings List
Counterparty credit ratings
To: AA/Stable/A-1+ From :AA-/Positive/A-1+
NB: This list does not include all ratings affected.
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Pour plus d'informations, nous vous invitons a vous rendre :
- sur le site de BNP Paribas : http://www.bnpparibas.com
- ou directement sur l'espace d'information financiere de BNP Paribas :
http://www.invest.bnpparibas.com
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