August 9, 2013 / 3:12 PM / 5 years ago

Fitch Affirms BNP Paribas El Djazair's National Ratings; Withdraws Ratings

(The following statement was released by the rating agency) LONDON, August 09 (Fitch) Fitch Ratings affirmed BNP Paribas El Djazair's (BNPP El Djazair) National Long-term Rating at 'AAA(dza)' with Stable Outlook. The agency has simultaneously withdrawn the bank's ratings. The National Ratings are being withdrawn because they are no longer considered by Fitch to be relevant to its coverage.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 strong 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 could materially damage the parent's reputation. This consideration is a further factor driving 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 risk reporting systems are strongly integrated with those of its parent, and risks are overseen by its parent. BNPP also counter-guarantees some of BNP Paribas El Djazair's 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 The rating actions are as follows: BNPP El Djazair National Long-term Rating affirmed at 'AAA (dza)', Outlook Stable; withdrawn National Short-term Rating affirmed at 'F1+ (dza)'; withdrawn Contact: Primary Analyst Sonia Trabelsi Director +33 1 44 29 91 42 60 Rue de Monceau Fitch France S.A.S. 60, rue de Monceau 75008 Paris Secondary Analyst Solena Gloaguen Director +44 2035 30 1126 Committee Chairperson Eric Dupont Senior Director +33 1 44 29 91 31 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: Additional information is available on 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 at Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Evaluating Corporate Governance here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below