Moody's downgrades Fortis Bank

Moody's Investors Service said it lowered the long-term local-currency debt and deposit ratings of Fortis Bank SA/NV, Fortis Bank Nederland (Holding) NV and Fortis Banque Luxembourg SA to Aa2 from Aaa following the refinement of its bank rating methodology, which reduces the level of external support incorporated into bank deposit and debt ratings in order to give greater weight to intrinsic financial strength.

This concludes the review for downgrade begun on April 3.

In February, Moody's implemented its bank financial strength ratings methodology and the application of joint default analysis for parental and systemic support into the bank's deposit and debt ratings. Before the application, the banks' long-term local-currency debt and deposit ratings were Aa3.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.