S&P: Fortis unaffected

Standard & Poor's said its ratings and outlooks on Fortis group entities, in particular Fortis Bank SA/NV (A+/stable/A-1), were unchanged following the group's announcement of its second-quarter results.

The group posted €830 million in aftertax net profit, up 3% from the first quarter, the agency said.

The first-half result was down 41% from the same period last year, driven by substantial negative impacts from the credit market turmoil and acquisitions from ABN Amro Bank NV (AA-/developing/A-1+), the agency noted.

S&P said that these results are broadly in line with its expectations and illustrate our view that the financial profile it expects Fortis to maintain over 2008-2009 is not consistent with an AA category rating.

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