Skip to content
Subscriber Only

BNP’s Rating Cut by S&P as SocGen Gets Negative Outlook

BNP Paribas SA, France’s largest bank, was among the country’s lenders whose credit rating was cut by Standard & Poor’s on concern it may be hurt by Europe’s prolonged economic weakness and a housing slump at home.

BNP Paribas’s long-term counterparty credit grade was lowered one level to A+ from AA-, S&P said in a statement late yesterday. S&P also revised its outlook to negative from stable for 10 other French banks, including Credit Agricole SA and Societe Generale SA. Shares of the three banks tumbled in Paris.