Fitch affirms Fortis Bank

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

At the same time, the agency said it has affirmed its long-term issuer default rating AA- ratings for Fortis' five holding companies: Fortis SA/NV, Fortis N.V., Fortis Brussels, Fortis Utrecht and Fortis Insurance N.V, the outlooks on which remain stable.

The agency added it affirmed its F1+ short-term rating for Fortis SA/NV, Fortis N.V., Fortis Brussels, Fortis Utrecht and assigned an F1+ to Fortis Insurance NV, while the A+ IFS rating of Fortis Corporate Insurance has also been affirmed.

Fitch noted that Fortis Bank's long-term issuer default rating, short-term and individual ratings are based on its strong franchise in Benelux, sound profitability, solid asset quality, a generally conservative approach to managing risk and satisfactory capital.

© 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.