BNP Paribas shares drop after Fitch downgrades debt, raising renewed concern about debt crisis

The Associated Press ~ staff The News
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PARIS — Shares in European banking giant BNP Paribas SA fell Tuesday after Fitch downgraded its debt and renewed worries about Europe’s debt crisis.

Fitch slashed BNP’s long-term rating from AA to AA-minus, citing a “marked deterioration” in asset quality. Fitch said the bank “remains exposed to many of the asset portfolios which are currently proving to be vulnerable.”

BNP is the largest bank in the 16-country eurozone by deposits.

Shares were down 2.8 per cent at euro48.91 in Paris trading.

Fitch also said there “is an extremely high probability of state support being forthcoming if necessary” for BNP.

Organizations: BNP Paribas SA

Geographic location: PARIS, Europe

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