Fitch affirms Fortis Bank

Fitch Ratings said it affirmed Fortis Bank's long-term issuer default rating at A+, short-term issuer default rating at F1+ and support rating at 1.

The outlook on the long-term issuer default rating is stable.

The bank's individual rating was upgraded to C/D from D.

Fortis Bank's ratings reflect potential support from its 75% shareholder, the French bank BNP Paribas (AA-/stable), given that Fortis Bank is well integrated with and strategically very important to its parent, according to the agency.

The upgrade of the individual rating reflects Fortis Bank's recovering, albeit low profitability, reducing risk profile and improving capital, the agency noted.

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