Fitch affirms Ethias

Fitch Ratings said it affirmed Ethias SA's insurer financial strength rating and issuer default rating at BBB-, along with its subordinated debt rating at B, and removed it from Rating Watch negative.

The outlook is stable.

The actions follow the European Commission's approval of Ethias' restructuring plan aimed at restoring the group's profitability and raising capital adequacy levels by 2013, Fitch said.

The agency said it maintains its positive view on the group's restructuring plan and the European Commission approval as it removes uncertainties about the future scope of Ethias' business profile.

The restructuring is expected benefit capital adequacy as capital requirements should decrease considerably over the next three years along with the implementation of the plan, Fitch added.

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