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S&P Credit Research638 word report
published May 19, 2009
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S&P Credit Research
| Abstract: | PARIS (Standard&Poor's) May 19, 2009--Standard&Poor's Ratings Services said today that it has lowered to 'C' from 'CC' its issue rating on Fortis Bank SA/NV's (AA-/Negative/A-1+) convertible and subordinated hybrid equity-linked securities (CASHES). At the same time, we removed the rating from CreditWatch with developing implications, where it was originally placed on Oct. 6, 2008. This decision reflects our view that Fortis Bank will not be able to settle the CASHES coupon payment of June 19, 2009, in a timely manner. Because we understand this coupon suspension is in accordance with the terms of the hybrid instrument, we will not lower its rating to 'D' on the very day the payment on the coupon is missed. Following
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| Brief Excerpt: | RESEARCH Ratings Definitions Fortis Bank SA/NV CASHES Issue Rating Lowered To 'C'; Payment On Next Coupon Deferred Publication date: 19-May-2009 Primary Credit Analyst: Sylvie Dalmaz, Paris (33) 1-4420-6682; sylvie_dalmaz@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | 1215Z@NA
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| Issuer: | Fortis Bank SA/NV
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| GICS: | Regional Banks (40101015)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | Belgium
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- Fortis Bank SA/NV's CASHES Instruments 'BB' Issue Rating Affirmed; Removed From CreditWatch Developing $100.00
PARIS (Standard&Poor's) Sept. 15, 2009--Standard&Poor's Ratings Services said today that it affirmed the 'BB' issue rating on the convertible and subordinated hybrid equity-linked securities (CASHES) of Fortis Bank SA/NV (Fortis Bank, AA-/Negative/A-1+). ...
- S&PCORRECT: Fortis Bank SA/NV Jr Subordinated Hybrid Instrument Rating Lowered To 'BB';CreditWatch Developing Reinstated $100.00
PARIS (Standard&Poor's) Aug. 11, 2009--Standard&Poor's Ratings Services today lowered its issue rating on the €3 billion junior subordinated hybrid instruments (CASHES) issued by Fortis Bank SA/NV to 'BB' from 'BBB' and reinstated the CreditWatch ...
- Fortis Bank SA/NV $400.00
Strategically important subsidiary of and related support from BNP Paribas Leading franchise in Belgium and Luxembourg Progressive refocusing on core markets and businesses Moderate risk profile in home markets Need to rebalance funding profile ...
- Summary: Fortis Bank SA/NV $175.00
The ratings on Fortis Bank SA/NV (FBB), including those on its core Luxembourg-based subsidiary, BGL S.A., primarily reflect its 75% ownership by French banking group BNP Paribas (AA/Negative/A-1+). We understand that BNP Paribas considers ...
- Fortis Bank SA/NV's CASHES Instruments Upgraded To 'BB', Placed On CreditWatch Developing $100.00
PARIS (Standard&Poor's) May 29, 2009--Standard&Poor's Ratings Services said today that it has upgraded to 'BB' from 'C' its issue rating on the convertible and subordinated hybrid equity-linked securities (CASHES) of Fortis Bank SA/NV (AA-/Negative/A-1+). ...
- Fortis Bank And BGL Upgraded To 'AA-/A-1+' Upon Sale To BNP Paribas, Outlook Negative; Most Hybrids To 'BBB+' $100.00
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 ...
- Research Update: S&PCORRECT: Fortis Bank And BGL Upgraded To 'AA-/A-1+', Outlook Negative; Most Hybrids To 'BBB+' $175.00
On May 18, 2009, Standard&Poor's Ratings Services 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. ...
- Fortis Bank SA/NV 'A/A-1' Ratings Maintained On CreditWatch Positive After Shareholders Approve BNP Paribas Deal $100.00
PARIS (Standard&Poor's) April 30, 2009--Standard&Poor's Ratings Services said today that it has decided to maintain on CreditWatch with positive implications the 'A' long-term and 'A-1' short-term counterparty credit ratings on Fortis Bank ...
