Moody's rates Fortis convertible A1

Moody's Investors Service said it assigned an A1 rating to the new guaranteed senior bond issue of Fortis Insurance NV, the holding company of Fortis Group's insurance activities.

The bond is mandatorily exchangeable into shares of Assurant Inc., a diversified insurance group based in the United States, which used to be a fully owned subsidiary of the Fortis Group. The bond is fully and unconditionally guaranteed by Fortis NV and Fortis SA/NV, Fortis Group's ultimate holding companies.

The outlook on this new rating is stable, as on Moody's ratings on Fortis Bank and Fortis finance NV.

Moody's said that the rating was based on the guarantee provided by the group's ultimate holding companies and was reflecting the sound earnings power of Fortis's Benelux bank and insurance franchise, excellent diversification, low risk profile and conservative financial management.

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