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Moody's cuts Fortis Bank (Nederland) convertibles to B2
Moody's Investors Service said it downgraded the rating of the €2 billion 8.75% mandatory convertible securities of Fortis Bank (Nederland) NV to B2 from Ba2 and placed the rating on review for possible further downgrade.
The convertibles were issued by Fortis Bank (Nederland) NV, Fortis SA/NV, Fortis NV and Fortis Bank SA/NV, but the coupons are served by Fortis Bank (Nederland) only.
The convertibles, which are non-cumulative securities and include fully optional deferral features, will convert into a fixed number of shares in 2010.
Moody's said the rating action on the convertibles reflects the increasing potential for coupon deferrals in light of the ongoing discussion between the Dutch Ministry of Finance and the European Commission on the state aid packages granted to Dutch banks.
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