PARIS (Standard&Poor's) Sept. 25, 2003--Standard&Poor's Ratings Services said today that the proposed IPO of Fortis Inc., and its U.S. insurance subsidiaries, by the Belgo-Dutch Fortis Group (Fortis) does not affect the ratings on Fortis Bank (AA-/Stable/A-1+), Fortis SA/NV (A+/Stable/A-1), or Fortis N.V. (A+/Stable/A-1). The announcement by Fortis is in line with Standard&Poor's expectations regarding the group's strategy to focus on asset-gathering activities in its core Benelux market and to optimize its capital allocation. The stable outlooks are based on the strong asset quality of Fortis Bank, an expected improvement in underlying insurance profitability (excluding unrealized capital gains or losses), and maintenance of adequate capitalization. ANALYST E-MAIL ADDRESSES elisabeth_grandin@standardandpoors.com hans_wright@standardandpoors.com FIG_Europe@standardandpoors.com
