BNP Paribas downgraded 25 January 2010 5:30PM Philip Bayley Moody's lowered its senior debt and deposit ratings on BNP Paribas and also its bank financial strength rating by one notch to 'Aa2' and 'B-', respectively. These changes flowed through to all other long-term debt ratings. The outlook on all ratings is stable. The action captures the tail risks from BNP's investment banking operations and the ongoing pressure from loan delinquencies and defaults. BNP also faces sizeable integration risk with its acquisition of Fortis Bank SA/NV.The Australian branch of BNP Paribas issued A$1 billion of three-year bonds in June last year. This was the first time the bank had issued in the domestic market in more than a decade.