Mais78
BAWAG fan club
[FONT="]Fitch Ratings-London/Paris-21 December 2009: itch Ratings has today assigned BNP Paribas' ('AA'/Outlook Negative) four planned issues of undated deeply subordinated notes (FR0010821132, FR0010821124, FR0010821116, FR0010821108) an 'A+' rating. At the same time, Fitch has downgraded the ratings of the other hybrid securities and preferred stock issued by BNP Paribas, BNP Paribas Capital Trust, BNP Paribas Capital Trust III, BNP Paribas Capital Trust IV and BNP Paribas Capital Trust VI to 'A+' from 'AA-'.[/FONT]
[FONT="]The new instruments will be issued in exchange for various existing upper tier 2 and undated securities of BNP Paribas, issued in the past by Banque Nationale de Paris and Banque Paribas. The proceeds of the four new issues will constitute Tier 1 capital for BNP Paribas.[/FONT]
[FONT="]The 'A+' rating reflects the risk that the coupons on the new instruments could be forfeited. While the documentation for the new issues includes optional interest payments, Fitch considers that the likelihood of BNP Paribas not paying interest on these issues to be remote, given the bank's sound performance and capital base.[/FONT]
[FONT="]Following today's rating actions, the ratings of all undated hybrid securities issued by BNP Paribas, BNP Paribas Capital Trust, BNP Paribas Capital Trust III, BNP Paribas Capital Trust IV and BNP Paribas Capital Trust VI are two notches below BNP Paribas' Long-term Issuer Default Rating (IDR) of 'AA'.[/FONT]
[FONT="]On 14 December 2009, Fitch announced a proposed change to its ratings and notching of hybrid securities which is expected to result in the ratings of many performing hybrids that rank as junior securities being downgraded by one notch. Today's rating actions have been taken in the context of this review. For further information, please see the 14 December 2009 rating action comment, entitled 'Fitch announces forthcoming changes in hybrid securities rating criteria', which is available at www.fitchresearch.com. Final rating changes are expected to be announced in early 2010.[/FONT]
[FONT="]BNPP is one of Europe's largest banking groups. Its core markets are France, Italy and Belgium.[/FONT]
[FONT="]The new instruments will be issued in exchange for various existing upper tier 2 and undated securities of BNP Paribas, issued in the past by Banque Nationale de Paris and Banque Paribas. The proceeds of the four new issues will constitute Tier 1 capital for BNP Paribas.[/FONT]
[FONT="]The 'A+' rating reflects the risk that the coupons on the new instruments could be forfeited. While the documentation for the new issues includes optional interest payments, Fitch considers that the likelihood of BNP Paribas not paying interest on these issues to be remote, given the bank's sound performance and capital base.[/FONT]
[FONT="]Following today's rating actions, the ratings of all undated hybrid securities issued by BNP Paribas, BNP Paribas Capital Trust, BNP Paribas Capital Trust III, BNP Paribas Capital Trust IV and BNP Paribas Capital Trust VI are two notches below BNP Paribas' Long-term Issuer Default Rating (IDR) of 'AA'.[/FONT]
[FONT="]On 14 December 2009, Fitch announced a proposed change to its ratings and notching of hybrid securities which is expected to result in the ratings of many performing hybrids that rank as junior securities being downgraded by one notch. Today's rating actions have been taken in the context of this review. For further information, please see the 14 December 2009 rating action comment, entitled 'Fitch announces forthcoming changes in hybrid securities rating criteria', which is available at www.fitchresearch.com. Final rating changes are expected to be announced in early 2010.[/FONT]
[FONT="]BNPP is one of Europe's largest banking groups. Its core markets are France, Italy and Belgium.[/FONT]
: non dispero (nel senso che mi accontenterei di rivedere il capitale) ma certamente non sono contento 
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: non sono riuscito a vendere per limitare le perdite né a comprare a marzo e nei mesi successivi quando si sono presentate molte occasioni (ovviamente con il senno del poi).
Bnp The Best
