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S&P Credit Research749 word report
published Jun 16, 2009
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) June 16, 2009--Standard&Poor's Ratings Services has assigned a 'AAA' credit rating to the first issuance of €1 billion fixed-rate Obligations Foncières (OFs) (French covered bonds) to be issued by BNP Paribas Public Sector SCF (BNPSCF) under its €15 billion program. This issuance, and any further issuances under the program, is backed by a portfolio of loans originated by BNP Paribas, backed by various sovereigns, all of which we currently rate 'AAA'. As of June 16, 2009, for the initial portfolio the sovereigns are: -- United Kingdom (AAA/Negative/A-1+); -- United States of America (AAA/Stable/A-1+); -- Republic of France (AAA/Stable/A-1+); and -- Federal Republic of Germany (AAA/Stable/A-1+) We have assumed a weak-link approach in the determination
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| Brief Excerpt: | RESEARCH Ratings Definitions Ratings Assigned To First Issuance Under BNP Paribas Public Sector SCF Covered Bond Program Publication date: 16-Jun-2009 Primary 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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