- PARIS: Standard & Poor's has downgraded its long-term rating for leading French bank BNP Paribas, citing concerns about funding and liquidity across France's banking sector.
The ratings agency lowered its long-term rating to AA- from AA. BNP Paribas remains the highest rated of the leading French banks and S&P said its outlook remains stable.
The agency said it reviewed the five largest French banks and found "the funding and liquidity profiles of the five banks are more vulnerable than we had thought."
BNP spokeswoman Julia Boyce said in response, "BNP remains among the best-rated banks in the world." She would not further comment on the move.
French banks exposed to Greece's debt have come under scrutiny and market volatility in recent weeks and months.