(The following statement was released by the rating agency)
LONDON, August 09 (Fitch) Fitch Ratings affirmed BNP Paribas El
El Djazair) National Long-term Rating at 'AAA(dza)' with Stable
agency has simultaneously withdrawn the bank's ratings.
The National Ratings are being withdrawn because they are no
by Fitch to be relevant to its coverage. Fitch will no longer
provide rating or
analytical coverage of BNPP El Djazair.
KEY RATING DRIVERS
BNP Paribas El Djazair's National Ratings are based on the
presumed support from
its 100%-shareholder, BNP Paribas (BNPP; A+/Stable). Given
BNPP's capacity for
and history of support for group entities, full ownership and
integration, Fitch believes that BNPP would have a high
propensity to support
BNPP El Djazair, if necessary.
BNPP El Djazair is of limited size relative to BNPP, which
should make it easier
for BNPP to provide financial support, whereas not doing so
damage the parent's reputation. This consideration is a further
Fitch's expectations of support from BNPP.
BNPP El Djazair's management and board are dominated by BNPP
members, and its
strategy is agreed at the BNPP level. The bank's IT, control and
systems are strongly integrated with those of its parent, and
risks are overseen
by its parent. BNPP also counter-guarantees some of BNP Paribas
exposures to allow the bank to comply with local regulations.
BNPP El Djazair, which has been operating in Algeria since 2002,
is part of
BNPP's strategy to develop retail banking in the Mediterranean
basin. BNPP El
Djazair is the largest privately owned bank in Algeria, with
loan and deposit
market shares of 2% and 2.3% respectively at end-2012.
The rating actions are as follows:
BNPP El Djazair
National Long-term Rating affirmed at 'AAA (dza)', Outlook
National Short-term Rating affirmed at 'F1+ (dza)'; withdrawn
+33 1 44 29 91 42
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60, rue de Monceau
+44 2035 30 1126
+33 1 44 29 91 31
Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153,
Additional information is available on www.fitchratings.com.
Applicable criteria, 'Global Financial Institutions Rating
Criteria', dated 15
August 2012, 'Rating FI Subsidiaries and Holding Companies',
dated 10 August
2012, and Evaluating Corporate Governance, dated 12 December
2012, are available
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
Rating FI Subsidiaries and Holding Companies
Evaluating Corporate Governance
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