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Moody’s ups BNP Paribas junior subordinated debt
Moody's Investors Service said it upgraded the rating on the junior subordinated debt of BNP Paribas Fortis SA/NV to Baa3(hyb) from Ba2(hyb).
The outlook changed to stable from rating under review.
The agency said the action follows the review for upgrade on the Baa2 issuer rating of Ageas SA/NV and the Ba2(hyb) rating of Ageasfinlux SA's backed junior subordinated securities and reflects the fact that BNP Paribas Fortis' junior subordinated debt are similar in nature to the backed junior subordinated securities.
The alignment of the ratings of the securities reflect their close similarities, Moody’s said.
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