Moody's affirms Fortis Bank

Moody's Investors Service said it affirmed Fortis Bank SA/NV's ratings (Aa3/P-1-/B) following Fortis' announcement that it would acquire 100% of Turk Dis Ticaret Bankasi AS (rated B2-positive /NP/D+), for €985 million in cash.

Moody's said the affirmation of Fortis Bank's ratings reflect the bank's strong franchise in the Benelux region, improving recurrent earnings power, its well-diversified business profile, adequate financial fundamentals and conservative balance sheet structure.

In Moody's view, while the acquisition of DisBank may increase the volatility of Fortis Bank's earnings, the degree of potential earnings volatility is regarded as low given DisBank's size relative to that of Fortis.

© 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.