BNP Paribas: Moody's upgrades rating on Exane

(CercleFinance.com) - Moody's Investors Service announced on Friday that it is upgrading its long-term rating on the investment company and broker Exane from "Baa2" to "Aa3", a rating that is in line with that of its parent company, BNP Paribas.


The agency explains that this upgrade follows the positive stance which it adopted on it on 19 March.

BNP Paribas announced on 11 March that it was considering increasing its stake in Exane from the current 50% to 100%.

This purchase will enable BNP Paribas to strengthen its cash equity and derivatives businesses, in addition to the brokerage platform recently acquired from Deutsche Bank, Moody's says.

BNP Paribas shares are currently down 1.3% at almost exactly 50 euros, underperforming the CAC 40, which is down about 0.5%.


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