Fitch affirms Fortis

Fitch Ratings said it affirmed Fortis Bank AS's ratings at long-term foreign currency BB-, long-term local currency BB+, short-term foreign and local currency B, individual D, support 3 and national long-term AA-.

The outlook on all long-term ratings is stable.

The long-term, short-term and support ratings reflect of Fortis Bank's majority ownership by Fortis Bank SA/NV (FB; AA-/F1+) and in Fitch's opinion, FB has a very high propensity to support Fortis Bank, although its ability to do so might in certain circumstances be constrained by the transfer risk associated with Turkey.

The agency said the individual rating reflects its low profitability, weak efficiency and risks that might arise from a rapidly growing retail loan portfolio while these are balanced by its sound capitalization and comfortable liquidity.

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