July 3, 2014 / 4:51 PM / in 4 years

S&P says affirms BNP's long-term credit rating, outlook negative

PARIS, July 3 (Reuters) - Standard and Poor’s affirmed its ‘A+’ long-term credit rating on BNP Paribas on Thursday after the French bank pleaded guilty to two criminal charges and agreed to pay almost $9 billion to resolve accusations it violated U.S. sanctions.

S&P said it revised its assessment of the bank’s capital to “moderate” from “adequate” and placed the rating on a negative outlook from Credit Watch negative.

“The negative outlook reflects that we may lower the ratings on BNP Paribas if the implications of the sanctions on the bank’s risks and business profile are more detrimental than we currently expect,” S&P said in a statement.

It also lowered junior subordinated debt rating by one notch to ‘BBB+'. (Reporting by Leigh Thomas; editing by Maya Nikolaeva)

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