BNP Paribas Fortis SA/NV

Core subsidiary of the BNP Paribas group. A strong deposit-fueled funding profile. A stable and diverse universal bank insurance model. Subdued profitability prospects in 2020 due to the COVID-19 pandemic. Operating revenues from Belgian activities under persistent pressure due to low interest rates. Significant exposure to Turkey through Türk Ekonomi Bankasi (TEB). The negative outlook on Belgian bank BNP Paribas Fortis (BNPPF) mirrors that of BNP Paribas (BNPP), its ultimate parent holding company. This reflects S&P Global Ratings' view of BNPPF as a core subsidiary of BNPP. The rating on BNPPF is therefore at the level of our 'a+' group credit profile (GCP) for BNPP, and any change in the latter would trigger a similar rating action on BNPPF. BNPPF

...Strengths: Weaknesses: + Core subsidiary of the BNP Paribas group. + A strong deposit-fueled funding profile. + A stable and diverse universal bank insurance model. + Subdued profitability prospects in 2020 due to the COVID-19 pandemic. + Operating revenues from Belgian activities under persistent pressure due to low interest rates. + Significant exposure to Turkey through Tnrk Ekonomi Bankasi (TEB). Outlook The negative outlook on Belgian bank BNP Paribas Fortis (BNPPF) mirrors that of BNP Paribas (BNPP), its ultimate parent holding company. This reflects S&P Global Ratings' view of BNPPF as a core subsidiary of BNPP. The rating on BNPPF is therefore at the level of our 'a+' group credit profile (GCP) for BNPP, and any change in the latter would trigger a similar rating action on BNPPF....

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