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FINANCIALS: BNP-Axa Deal: S&P Echoing Our Credit Neutral Analysis

FINANCIALS

BNP Paribas (BNP: Baa1/A-/A+) – S&P see deal as having no credit impact, echoing our view from yesterday.

  • As we wrote yesterday, the offset of a lower CET1 against a mix change in the business towards more relatively low risk asset management would likely offset and the deal should be credit neutral
  • S&P has put a reaction piece out just now indicating the same and noting that it sees BNP CET1 (at 12% 2025 est.) as comparatively tight.
  • “X-S&PGR Says BNPP's AXA Deal To Boost Asset Management Position”

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