Moody's confirms Fortis

Moody's Investors Service said it had confirmed all holding company long-term ratings of Fortis. The ratings confirmed include Fortis SA/NV's issuer rating at Aa3, Fortis NV's issuer rating at Aa3, Fortis Finance NV's guaranteed senior debt at Aa3, Fortis Finance NV's guaranteed subordinated debt at A1, Fortis Hybrid Financing's guaranteed preferred debt at A2, Fortis Utrecht NV's guaranteed senior debt at Aa3, Fortis Utrecht NV's guaranteed subordinated debt at A1, Fortis Insurance NV's guaranteed senior debt at Aa3, Fortis Floating Rate Capital Funding Trust's guaranteed preferred debt at A2, Fortis Fixed Rate Quarterly Capital Funding Trust's guaranteed preferred debt at A2, Fortis Fixed Rate Annual Capital Funding Trust's guaranteed preferred debt at A2 and Fortis Capital Funding LP's guaranteed preferred debt at A2.

Fortfinlux SA's guaranteed equity linked securities were upgraded to A2 from A3.

The outlook is stable.

The confirmation reflects the limited impact in the overall credit fundamentals of the group of the recent downgrades of the banking subsidiaries due to Moody's latest refinements to its bank rating methodology, the agency said. Fortis' main bank deposit ratings were downgraded to Aa2 from Aaa on April 11th.

The upgrade of Fortfinlux´s securities reflects the newly revised notching guidelines for financial institutions whereby the most junior obligations are notched down from the holding's company senior debt up to two notches with few exceptions, the agency said.

© 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.