...IDRs Linked to Parent Ratings: The Issuer Default Ratings (IDRs) of Bank of the West (BOW) are linked to the ratings of its ultimate parent, BNP Paribas S.A. (BNPP). BOW is a wholly owned subsidiary of BNPP (rated A+/Stable by Fitch Ratings). Fitch believes BOW is a strategically important entity of BNPP and, as such, that its ratings are sensitive to changes in its parent's ratings. BWE's stand-alone ratings are primarily supported by its good capital levels and conservative loan underwriting practices. Capital Supports Rating: BOW's CET 1 ratio of 12.14% as of 2Q17 ranks in the top quartile when compared to Fitch Large Regional Bank Peers. Fitch considers strong capital levels to be an important buffer to compensate for BOW's comparatively weak earnings. Stable but Low Earnings: BOW's earnings are well below large regional peer averages, albeit relatively stable. The return on average assets (ROAA) through 1H17 was 62 bps versus the large regional average of approximately 100 bps. BOW...
