Scope Ratings has today assigned first-time ratings to existing commercial paper and certificate of deposit programmes of 19 banks in nine European countries. In all cases, the existing short-term ratings of these banks were applied after Scope assessed the publicly available terms and conditions of each commercial paper or certificate of deposit programme.

Scope’s short-term ratings apply to bank debt with a maturity of 13 months or less. As most of this debt is issued on a rolling basis, these ratings express a credit opinion on the issuing bank’s capacity to preserve its debt-rolling ability unimpeded. Scope added that these banks’ commercial paper and certificate of deposit programmes represent the main issuance vehicles for their short-term debt to investors and other market participants.

The aggregate size of the commercial paper and certificate of deposit programmes rated by Scope today is equivalent to over EUR 820bn.

The following ratings were assigned, (in alphabetical order):
S-1 with Stable Outlook for EUR 25bn Euro Commercial Paper and Certificate of Deposit Programme of Banque Fédérative du Crédit Mutuel SA

S-1 with Stable Outlook for EUR 30bn French Certificate of Deposit Programme of Banque Fédérative du Crédit Mutuel SA

S-1 with Stable Outlook for USD 40bn Global Commercial Paper Programme of Barclays Bank plc, Barclays plc, Barclays US Funding LLC (guaranteed unconditionally and irrevocably by Barclays Bank plc and Barclays plc)

S-1 with Stable Outlook for EUR 30bn French Certificate of Deposit Programme of Barclays Bank plc (acting through its French Branch)

S-1 with Stable Outlook for EUR 10bn Euro Commercial Paper Programme of BBVA Senior Finance SA Unipersonal (guaranteed unconditionally and irrevocably by BBVA SA)

S-1 with Stable Outlook for EUR 10bn French Certificate of Deposit Programme of BBVA SA (acting through its French Branch)

S-1 with Stable Outlook for EUR 10bn Euro Commercial Paper Programme of BPCE SA

S-1 with Stable Outlook for EUR 60bn French Certificate of Deposit Programme of BPCE SA

S-1 with Stable Outlook for EUR 70bn French Certificate of Deposit Programme of BNP Paribas SA

S-2 for EUR 10bn Euro Commercial Paper Programme of Commerzbank AG (the short-term rating was placed on review for possible upgrade on 24 March 2015)

S-1 with Stable Outlook for EUR 40bn French Certificate of Deposit Programme of Credit Agricole SA

S-1 with Stable Outlook for EUR 13bn Euro Commercial Paper and Certificate of Deposit Programme of Danske Bank A/S

S-1 with Stable Outlook for EUR 10bn French Certificate of Deposit Programme of Danske Bank A/S

S-1 with Stable Outlook for EUR 20bn Euro Commercial Paper and Certificate of Deposit Programme of ING Bank NV

S-1 with Stable Outlook for EUR 20bn French Certificate of Deposit Programme of ING Bank NV

S-2 with Stable Outlook for EUR 30bn Euro Commercial Paper and Certificate of Deposit Programme of Intesa Sanpaolo Bank Ireland plc (guaranteed unconditionally and irrevocably by Intesa Sanpaolo Spa)

S-2 with Stable Outlook for USD 40bn 3(a)(3) Commercial Paper Notes of Intesa Funding LLC (guaranteed unconditionally and irrevocably by Intesa Sanpaolo Spa)

S-2 with Stable Outlook for EUR 15bn French Certificate of Deposit Programme of Intesa Sanpaolo Spa (acting through its London Branch)

S-1 with Stable Outlook for EUR 5bn Global Commercial Paper and Certificate of Deposit Programme of KBC Bank Ireland plc (guaranteed unconditionally and irrevocably by KBC Bank NV, Dublin branch)

S-1 with Stable Outlook for EUR 15bn Multi-Currency Certificate of Deposit Programme of KBC Bank NV

S-1 with Stable Outlook for EUR 5bn French Certificate of Deposit Programme of KBC Bank SA/NV acting through its French branch

S-1 with Stable Outlook for EUR 2bn Multi-Currency Global Certificate of Deposit Programme of KBC Group NV

S-1 with Stable Outlook for EUR 15bn French Certificate of Deposit Programme of Lloyds Bank plc

S-1 with Stable Outlook for EUR 15bn Euro Commercial Paper Programme of Nordea Bank AB

S-1 with Stable Outlook for EUR 15bn French Certificate of Deposit Programme of Nordea Bank AB

S-1 with Stable Outlook for EUR 25bn Euro Commercial Paper and Certificate of Deposit Programme of Rabobank Nederland

S-1 with Stable Outlook for AUD 5 bn Euro Commercial Paper and Certificate of Deposit Programme of Rabobank Nederland (acting through its Australia Branch)

S-1 with Stable Outlook for EUR 20bn French Certificate of Deposit Programme of Rabobank Nederland

S-2 with Stable Outlook for EUR 20bn Euro Commercial Paper Programme of Royal Bank of Scotland plc

S-2 with Stable Outlook for EUR 20bn French Certificate of Deposit Programme of Royal Bank of Scotland plc

S-2 with Stable Outlook for EUR 10bn Euro Commercial Paper Programme of Royal Bank of Scotland Group plc

S-1 with Stable Outlook for EUR 15bn Euro Commercial Paper Programme of Santander Commercial Paper SA Unipersonal (guaranteed unconditionally and irrevocably by Banco Santander SA)

S-1 with Stable Outlook for USD 15bn U.S. Commercial Paper Programme of Santander Commercial Paper SA Unipersonal (guaranteed unconditionally and irrevocably by Banco Santander SA)

S-1 with Stable Outlook for EUR 20bn Euro Commercial Paper and Certificate of Deposit Programme of Societe Generale SA (acting through its Paris office, Hong Kong branch or Singapore branch)

S-1 with Stable Outlook for EUR 60bn French Certificate of Deposit Programme of Societe Generale SA

S-1 with Stable Outlook for USD 20b Euro Commercial Paper and Certificate of Deposit Programme of UBS AG (acting through its London Branch)

S-1 with Stable Outlook for EUR 10bn French Certificate of Deposit Programme of UBS AG (acting through its London Branch)

S-2 with Stable Outlook for EUR 15bn Euro Commercial Paper Programme of Unicredit Bank Ireland plc (guaranteed unconditionally and irrevocably by Unicredit Spa)

S-2 with Stable Outlook for EUR 20bn French Certificate of Deposit Programme of Unicredit Spa (acting through its London Branch)

The issuers did not solicit these ratings. However, in a large majority of cases the issuers have participated in the rating process. Each issuer report, which highlights the analytical underpinning for the ratings, clearly indicates this on the front page.


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