BNP Paribas Fortis' Inaugural Belgian Mortgage Covered Bonds Issuance Assigned 'AAA' Ratings; Outlook Stable

OVERVIEW We have assigned 'AAA' ratings to BNP Paribas Fortis' mortgage covered bond program and inaugural issuance. Our ratings reflect our review of the program under our covered bonds criteria and that the available credit enhancement exceeds the required credit enhancement for a 'AAA' rating. The stable outlook reflects unused notches of uplift from the long-term issuer credit rating on BNP Paribas Fortis. LONDON (S&P Global Ratings) Oct. 25, 2016--S&P Global Ratings today assigned its 'AAA' credit ratings to BNP Paribas Fortis SA/NV's mortgage covered bond program and related inaugural issuance of mortgage covered bonds. The outlook on our ratings is stable. Our covered bond ratings process follows the methodology and assumptions outlined in "Covered Bonds Criteria," published on Dec.

...OVERVIEW + We have assigned '###' ratings to BNP Paribas Fortis' mortgage covered bond program and inaugural issuance. + Our ratings reflect our review of the program under our covered bonds criteria and that the available credit enhancement exceeds the required credit enhancement for a '###' rating. + The stable outlook reflects unused notches of uplift from the long-term issuer credit rating on BNP Paribas Fortis. LONDON (S&P Global Ratings) Oct. 25, 2016--S&P Global Ratings today assigned its '###' credit ratings to BNP Paribas Fortis SA/NV's mortgage covered bond program and related inaugural issuance of mortgage covered bonds. The outlook on our ratings is stable. Our covered bond ratings process follows the methodology and assumptions outlined in "Covered Bonds Criteria," published on Dec. 9, 2014, and "Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015. From our analysis of BNP Paribas Fortis' mortgage covered bond program and the...

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