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Bulletin: Fortis Bank Belgium Ratings Are Unchanged Following Announcement Of Big Loss For 2008 Jan 09
Standard & Poors, Jan 2009
Abstract
PARIS (Standard & Poor's) Jan. 23, 2009--Standard & Poor's Ratings Services said today that the announcement yesterday by Fortis Bank SA/NV (Fortis Bank Belgium, FBB; A/Watch Pos/A-1) of an estimated loss of up to -19.1 billion for full-year 2008 has no effect on the ratings. Most of the loss resulted from the extraordinary October 2008 dismantlement of the Fortis group, in particular, the disposal of Fortis Bank Nederland (Holding) N.V. to the State of The Netherlands. It therefore doesn't reflect FBB's capacity to generate earnings in its new scope of consolidation. The counterparty credit ratings take into consideration FBB's ownership by and ongoing strong support from the Belgium state, which currently owns 99.93% of the bank. Belgium's and Luxembourg's capital...
Companies mentioned in this report are: Fortis Bank S.A./N.V.,Fortis Bank (Nederland) N.V.
Action: Bulletin
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.
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