...IDRs Equalised with Parent: BNP Paribas Fortis SA/NV (BNPPF) Issuer Default Ratings (IDRs ) reflect the extremely high probability of support, if needed, from its parent BNP Paribas S.A. (BNPP, A+/Negative). The IDRs are equalised with its parent's, reflecting BNPPF's key role within the BNPP group and strong integration with its parent in terms of management and operations. The Negative Outlook mirrors that on BNPP. Key Role in the Group: BNPPF's strong retail franchise in two of the group's main markets in Belgium and Luxembourg underpins its status as a core subsidiary. Operations and management are highly integrated, with key management positions shared between BNPP and BNPPF. Capital and liquidity allocation is optimised through asset transfers with the group. Leading Player in Home Markets: BNPPF's Viability Rating (VR) reflects its leading retail and commercial banking franchises in Belgium and Luxembourg, its diversified bancassurance business model and satisfactory asset quality...
