Belgium-Based BNP Paribas Fortis SA/NV's CASHES Instrument 'BB' Issue Rating Affirmed Following Revised Criteria

We have reviewed our rating on the convertible and subordinated hybrid equity-linked securities (CASHES) issued by BNP Paribas Fortis SA/NV under our revised bank hybrid capital criteria published on Jan. 29, 2015. Following our review, we are affirming our 'BB' issue rating on the CASHES instrument. PARIS (Standard&Poor's) March 9, 2015--Standard&Poor's Ratings Services said today that it has affirmed its 'BB' rating on the €3 billion convertible and subordinated hybrid equity-linked securities (CASHES) issued by BNP Paribas Fortis SA/NV. The affirmation reflects our understanding that the likelihood of default on the CASHES is linked to the creditworthiness of BNP Paribas Fortis and to the relative possibility of default on this instrument based on bank regulatory intervention

...+ We have reviewed our rating on the convertible and subordinated hybrid equity-linked securities (CASHES) issued by BNP Paribas Fortis SA/NV under our revised bank hybrid capital criteria published on Jan. 29, 2015. + Following our review, we are affirming our '##' issue rating on the CASHES instrument. PARIS (Standard & Poor's) March 9, 2015--Standard & Poor's Ratings Services said today that it has affirmed its '##' rating on the 3 billion convertible and subordinated hybrid equity-linked securities (CASHES) issued by BNP Paribas Fortis SA/NV. The affirmation reflects our understanding that the likelihood of default on the CASHES is linked to the creditworthiness of BNP Paribas Fortis and to the relative possibility of default on this instrument based on bank regulatory intervention measures. Therefore, we rate the CASHES based on the creditworthiness of BNP Paribas Fortis, as per our revised bank hybrid capital criteria (see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology...

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