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FORTIS (PINKSHEETS:FORSY) Following the negative credit watch announced on 26 June 2008, Standard & Poor's today decided to lower the ratings of Fortis by one notch. The rating of Fortis Bank, main issuer within Fortis, has changed from AA- with negative credit watch to A+ with a stable outlook.
The other two rating agencies covering Fortis - Fitch and Moody's - updated their ratings recently. These two rating agencies have rated Fortis Bank in the AA category.
Fortis' capital position remains strong. In this respect, the execution of the financial plan further supports its solidity and enables Fortis to focus on servicing its clients as well as the integration of ABN AMRO.
Please find underneath an overview of the main current ratings, which are all with a stable outlook.
Fortis is an international provider of banking and insurance services to personal, business and institutional customers. We deliver a total package of financial products and services through our own high-performance channels and via intermediaries and other partners. Fortis ranks among Europe's top 20 financial institutions. We have a presence in over 50 countries and a dedicated, professional workforce of more than 65,000. All this makes us a leader in financial services in Europe, a top 3 private banker and a top tier asset manager. More information is available at www.fortis.com.
