Fitch rates Fortis exchangeable A+

Fitch Ratings said it assigned Fortis Insurance's planned issue of a mandatorily exchangeable bond an A+ rating.

This rating is based on the full and unconditional guarantees granted by Fortis SA/NV and Fortis NV (both rated long-term A+). These guarantees constitute direct unsecured and unsubordinated obligations.

Fitch said the ratings for Fortis SA/NV and Fortis NV are based on Fortis' strong banking and insurance franchises in Benelux, good earnings, moderate risk profile and satisfactory overall capitalization.

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