Fitch gives Fortis convertibles A+

Fitch Ratings said it assigned Fortis's €3billion Convertible and Subordinated Hybrid Equity-Linked Securities (Cashes) an A+ rating.

The agency said that Fortis Bank has issued the Cashes, but Fortis Bank, Fortis SA/NV and Fortis NV are all joint and several co-obligors.

The rating of these subordinated notes is one notch lower than the AA- long-term issuer default ratings of the three co-obligors, the agency added.

Should their long-term issuer default ratings change, then the rating assigned to the notes would change accordingly, Fitch said.

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