Fortis Bank And BGL Upgraded To 'AA-/A-1+' Upon Sale To BNP Paribas, Outlook Negative; Most Hybrids To 'BBB+' May 09
- ID: 1826884
- May 2009
- Standard & Poors
PARIS (Standard & Poor's) May 18, 2009--Standard & Poor's Ratings Services said today that it has raised the long- and short-term counterparty credit ratings on Fortis Bank SA/NV (FBB) to 'AA-/A-1+' from 'A/Watch Pos/A-1', including those on its core Luxembourg-based subsidiary, BGL S.A. The outlook on the long-term ratings is negative. In a related rating action, we upgraded FBB's hybrid securities to 'BBB+' from 'BB+/Watch Dev', except for convertible and subordinated hybrid equity-linked securities (CASHES; CC/Watch Dev/--) where the rating remains unchanged. We removed all of the ratings from CreditWatch, where they were originally placed on Oct. 6, 2008. "This rating action follows the settlement of the acquisition of 75% of FBB by BNP Paribas (AA/Negative/A-1+), one of Europe's largest...
Companies mentioned in this report are:
- BNP Paribas Fortis SA/NV
- BNP Paribas
- BGL BNP Paribas S.A.
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.