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Moody's may cut Fortis
Moody's Investors Service said it put on review for possible downgrade all holding company long-term ratings of Fortis, including the Aa3 issuer ratings of Fortis SA/NV and Fortis NV, the Aa3/A1/A2 senior/ subordinated and preferred debt ratings of the main funding holding companies and the A2 guaranteed preferred debt rating of Fortis Hybrid Financing. Moody's also said it affirmed with stable outlook the insurer financial strength rating of Fortis' main rated insurance entities in Belgium and Netherlands and the group's prime-1 CP and short-term debt ratings.
The ratings placed on review for possible downgrade include Fortis SA/NV's Aa3 issuer rating, Fortis NV's Aa3 issuer rating, Fortis Finance NV's Aa3 guaranteed senior debt and A1 guaranteed subordinated debt, Fortis Hybrid Financing's A2 guaranteed preferred debt, Fortis Utrecht NV's Aa3 guaranteed senior debt, Fortis Utrecht NV's A1 guaranteed subordinated debt, Fortis Insurance NV's Aa3 guaranteed senior debt, Fortis Floating Rate Capital Funding Trust's A2 guaranteed preferred debt, Fortis Fixed Rate Quarterly Capital Funding Trust's A2 guaranteed preferred debt, Fortis Fixed Rate Annual Capital Funding Trust's A2 guaranteed preferred debt, Fortis Capital Funding LP's A2 guaranteed preferred debt, Fortfinlux SA's A3 guaranteed equity linked securities.
The ratings affirmed with a stable outlook include Fortis Insurance Belgium's insurance financial strength r rating at Aa3, Fortis ASR Levensverzekering NV's insurance financial strength rating at Aa3, Fortis ASR Schadeverzekering NV's insurance financial strength rating at Aa3, Fortis Finance NV's guaranteed prime-1 short-term debt and CP rating.
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