Moody’s: BNP Paribas note programs Baa2

Moody's Investors Service said it assigned provisional Baa2 ratings to the senior non-preferred note programs of BNP Paribas.

This action follows the Dec. 10 enactment of the French law "Sapin II,” which under Article 151 creates a new category of senior debt.

The senior non-preferred notes, referred to as "junior senior" unsecured notes, will be issued under BNP Paribas’ €90 billion euro medium-term note program and $30 billion U.S. medium-term note program.

The notes will be explicitly designated as senior non-preferred in the documentation. As such they will rank junior to other senior obligations, including senior unsecured debt, and senior to subordinated debt. They will have a minimum maturity at issuance of one year.

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