PARIS (Standard&Poor's) Jan. 23, 2009--Standard&Poor's Ratings Services said today that the announcement yesterday by Fortis Bank SA/NV (Fortis Bank Belgium, FBB; A/Watch Pos/A-1) of an estimated loss of up to €19.1 billion for full-year 2008 has no effect on the ratings. Most of the loss resulted from the extraordinary October 2008 dismantlement of the Fortis group, in particular, the disposal of Fortis Bank Nederland (Holding) N.V. to the State of The Netherlands. It therefore doesn't reflect FBB's capacity to generate earnings in its new scope of consolidation. The counterparty credit ratings take into consideration FBB's ownership by and ongoing strong support from the Belgium state, which currently owns 99.93% of the bank. Belgium's and Luxembourg's capital
