Moody's cuts Fortis Group to C-

Moody's Investors Service said it downgraded the bank financial strength ratings of Fortis Group's main banking operations. Fortis Bank SA/NV's bank financial strength rating was cut to C- from C, along with Fortis Bank Nederland's bank financial strength rating to C- from C and Fortis Bank Luxembourg to C- from B-. The group's long-term debt and deposits ratings also were downgraded to A1 from Aa3. All these ratings were placed on review for possible downgrade. The banking entities' short-term debt and deposit ratings are affirmed at prime-1.

Moody's also said it downgraded Fortis Group's debt ratings as well as the ratings of European insurance operations of the group. Fortis NV and Fortis SA/NV long-term issuer ratings have been downgraded to Baa1 from A1 and have been placed on review for possible downgrade, and the commercial-paper program backed by Fortis SA/NV has been downgraded to prime-2 from prime-1.

The insurance financial strength ratings of Fortis Insurance Belgium, Fortis ASR Schadeverzekering NV and Fortis ASR Levensverzekering NV have been downgraded to A2 from A1, with a negative outlook.

Moody's also said it placed the A3 insurance financial strength rating of Fortis Insurance Co. (Asia) Ltd. and the Baa1 backed senior unsecured debt rating of Fortis Capital (Asia) Ltd. on review for possible downgrade.

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