Fitch affirms Fortis Bank

Fitch Ratings said it affirmed the ratings of Fortis Bank, Fortis Insurance NV, Fortis SA/NV, Fortis NV, Fortis Brussels and Fortis Utrecht. The agency has also affirmed a number of other bank and insurance companies of the Fortis group.

Fortis Bank's long-term issuer default rating was affirmed at AA- and short-term issuer default rating at F1+.

The outlook is stable.

The ratings are based on the bank's strong franchise in Benelux, solid quality of its loan book, healthy liquidity and acceptable capital, Fitch said.

The ratings also factor in the opportunities and challenges associated with its investment in ABN Amro Bank, acquired in 2007 as part of a consortium with Royal Bank of Scotland and Banco Santander Central Hispano, the agency said.

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