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S&P Credit Research531 word report
published Jan 15, 2009
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S&P Credit Research
| Abstract: | PARIS (Standard&Poor's) Jan. 15, 2009—Standard&Poor's Ratings Services today assigned its 'AAA' credit rating to the €1.5 billion fixed-rate covered bonds series 11 issued under BNP Paribas' covered bond program. The program may issue up to €25 billion in total. Under the terms of the program, BNP Paribas Covered Bonds (the issuer) issued the covered bonds and used the proceeds to fund a credit facility to be made available to BNP Paribas. The advances match the terms and conditions of the covered bonds to ensure full and timely payment under the covered bonds. If BNP Paribas defaults, the issuer can receive ownership of a pool of residential loans. These assets secure BNP Paribas' financial obligations and allow
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| Brief Excerpt: | RESEARCH Ratings Definitions Rating Assigned To 11th Issue From BNP Paribas' Covered Bond Program Publication date: 15-Jan-2009 Surveillance Credit Analysts: Florent Stiel, Paris (33) 1-44-20-6690; florent_stiel@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | BNP@FP
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| Issuer: | BNP Paribas
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| GICS: | Diversified Banks (40101010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | France
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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