...IDRs Equalised With Parent: BNP Paribas Fortis SA/NV's (BNPPF) Issuer Default Ratings (IDRs) are equalised with its parent BNP Paribas' (BNPP, A+/Stable/a+) IDRs. This reflects BNPPF's key role to BNPP's strategy and franchise, underpinned by BNPPF's strong retail business in Belgium, high integration with its parent and almost full ownership. Key Role in the Group: Retail banking in domestic markets is one of BNPP's largest businesses in terms of revenue and allocated equity, and the strong retail franchise of BNPPF underpins its status as a key BNPP 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. We believe that BNPP's reputation would suffer should BNPPF default. Retail and Corporate Banking Focussed: BNPPF's Viability Rating (VR) reflects its retail- focused business model in Belgium and Luxembourg, which generates adequate profitability...
