S&P: RCS Investment Holdings Limited DMTN Program Rated 'zaAAA/zaA-1' On BNP Paribas' Guarantee
The ratings on the program and senior notes issued under the program are entirely supported by our global scale ratings on BNP Paribas, in line with our guarantee criteria. Among others, the guarantee is one of payment to the noteholders, unconditional, irrevocable, and irrespective of any value. The guarantor's ability to terminate the guarantee is extremely limited and the guarantor's obligations under the guarantee rank pari passu with its own senior unsecured debt obligations. We understand the guarantor agrees to pay in all circumstances and the documentation does not contain any limitations, such as in the event of a sovereign default. Standard senior notes with a maturity of more than a year, issued via this guaranteed program, would therefore be rated 'zaAAA', higher than the equivalent notes issued by any local and unguaranteed financial institution.