Moody's Investors Service has downgraded the standalone bank financial strength rating, or BFSR, of BNP Paribas (BNP.L,BNPQY.PK) by two notches to C from B- and the long-term debt and deposit ratings by one notch to Aa3. The one-notch downgrade of the long-term debt and deposit ratings to Aa3 follows the downgrade of the BFSR.
The downgrade was driven by impact of funding constraints, deteriorating macro fundamentals.
The outlooks on the BFSR and long-term ratings are negative. The Prime-1 short-term rating was affirmed. Dated subordinated debt securities were also downgraded by one notch to A1 and remain on review for downgrade pending our reassessment of systemic support for such debt.
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