Fitch Assigns Initial 'A+' IDR to BNP Paribas Canada; Outlook Stable

  Fitch Assigns Initial 'A+' IDR to BNP Paribas Canada; Outlook Stable

Business Wire

NEW YORK -- August 29, 2013

Fitch Ratings has assigned an initial 'A+' long-term Issuer Default Rating
(IDR) to BNP Paribas Canada (BNPP Canada). A complete list of rating actions
follows at the end of this release.

Rating Action and Rationale - IDRs

As a wholly owned subsidiary of BNP Paribas S.A., BNPP Canada's long- and
short-term IDRs are linked to those of its parent company. BNP Paribas S.A.
unconditionally guarantees all of the liabilities of BNPP Canada up to $6
billion (CAD). As such, BNPP Canada's ratings are equalized with its parent
company's ratings at 'A+'.

Key Ratings Drivers and Sensitivities - IDRs

BNPP Canada's guarantee is driven by the unconditional guarantee of its parent
company, BNP Paribas S.A. Any changes to the guarantee limiting its impact or
balance sheet growth over the $6 billion limit could result in a negative
rating action for BNPP Canada. Additionally, any change to the parent
company's rating would result in a rating change to BNPP Canada's IDRs.

Fitch has assigned the following ratings to BNP Paribas Canada:

--Long-term IDR 'A+'; Outlook Stable;

--Short-term IDR 'F1'.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:

--Global Financial Institutions Rating Criteria (Aug. 15, 2012);

--Rating FI Subsidiaries and Holding Companies (Aug. 10, 2012);

--U.S. Banks: Liquidity and Deposit Funding (Aug. 8, 2013);

--Risk Radar (April 4, 2013);

--U.S. Banks: Interest Rate Risk: (What Happens When Rates Rise (June 18,
2013);

--U.S. Bank Mergers and Acquisitions: When Will The Catalysts Kick In? (July
11, 2013).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

Rating FI Subsidiaries and Holding Companies

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679209

U.S. Banks: Liquidity and Deposit Funding

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=714196

Risk Radar - Global

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703937

U.S. Banks: Interest Rate Risks (What Happens When Rates Rise)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710875

U.S. Bank Mergers and Acquisitions -- When Will The Catalysts Kick In?

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=712539

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=800825

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Contact:

Fitch Ratings
Primary Analyst
Jaymin Berg, +1-212-908-0368
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Justin Fuller, +1-312-368-2057
Director
or
Committee Chairperson
Christopher Wolfe, +1-212-908-0771
Managing Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com