Moody's rates BNP Paribas certificates Aa3

Moody's Investors Service said it assigned a backed long-term provisional senior unsecured rating of Aa3 to the C$200 million certificate to be issued by BNP Paribas Issuance BV.

Given that Moody's said it assigned a provisional rating to the certificate, no outlook has been assigned.

The rating is based on the guarantee provided by BNP Paribas for the obligations incurred by BNP Paribas Issuance under this certificate, the agency said.

The issuer is a wholly owned funding vehicle of BNP Paribas, whose sole business is to raise substantial funding for the group through structured products, Moody's said.

It is fully integrated into BNP Paribas's global markets division from an infrastructure, product and distribution perspective and all issuances are hedged back-to-back with the group's entities, mitigating market and counterparty risks, the agency said.

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