S&P still may lift Fortis

Standard & Poor's said it decided to maintain Fortis Bank SA/NV's A long-term and A-1 short-term counterparty credit ratings on CreditWatch with positive implications, where they were placed on Oct. 6.

The update reflects the increased likelihood of the bank being acquired by BNP Paribas (AA/negative/A-1+), following the recent announcement that the Belgian state, BNP Paribas and Fortis Holding have signed a new agreement amending the protocol signed on Oct. 10, the agency noted.

"Although this new agreement is subject to approval at the Fortis shareholders' meeting, we nevertheless believe that this vote now has a reasonable chance of being positive, allowing for BNP Paribas' acquisition of FBB to go through," S&P analyst Sylvie Dalmaz said in a statement.

Ratings consider the bank's ownership by and ongoing support from the Kingdom of Belgium (AA+/stable/A-1+), which currently owns 99.93% of the bank, the agency noted.

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