Moody's Investors Service has today downgraded the standalone bank financial strength rating (BFSR) of BNP Paribas (BNPP) by two notches to C from B- (now mapping to A3 on the long-term scale from A1 previously) and the long-term debt and deposit ratings by one notch to Aa3. The one-notch downgrade of the long-term debt and deposit ratings to Aa3 follows the downgrade of the BFSR. The long-term ratings now incorporate three notches of systemic support (previously two notches), derived from the rating agency's view that the probability of systemic support for BNPP remains very high. These rating actions conclude the ... (full story)