Fitch lowers some Ethias debt

Fitch Ratings said it downgraded Ethias SA's subordinated debt rating to B from BB- and maintained it on Rating Watch negative.

The downgrade and Rating Watch reflect the agency's review of the risk of coupon deferral on this instrument, taking into account recent developments - in particular, comments published by the European Commission on the concept of "burden sharing" for state-aided financial institutions. Ethias received €1.5 billion of support from Belgian public organizations in December 2008.

Fitch noted that Ethias paid the coupon on its hybrid instrument in December 2008.

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