Fitch affirms Fortis

Fitch Ratings said it affirmed its ratings for the four holding companies of Fortis: Fortis SA/NV, Fortis NV, Fortis Brussels and Fortis Utrecht, at long-term A+ and short-term F1 following the release of its satisfactory 2004 results.

At the same time, the agency has affirmed Fortis Bank at long-term AA- and short-term F1+. The outlook on the long-term ratings remains stable.

"Equity market recovery as well as profitable underwriting and disciplined cost management explain the significantly improved performance posted by Fortis' insurance operations in 2004. Moreover, the restructuring of insurance businesses and development of bancassurance are expected to bring further benefits," said Marc-Philippe Juilliard, director in Fitch's insurance team in France.

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