Membership in a diversified financial services group (Fortis) with a focused strategy and conservative risk management; Strong market position of the Fortis group in Benelux; Good asset quality, underpinned by low-risk asset profile and good business diversification; Satisfactory operating performance reflected by cost-to-income ratio; and Adequate capital position, taking into account the situation of the rest of the group. Sensitivity to interest-rate movements; Highly competitive nature of the Belgian retail market; and Moderate operating performance of the Dutch insurance division. The ratings on Fortis Bank reflect the institution's strong position in the Benelux banking market, good asset quality, and satisfactory profitability and capitalization; as well as its position as a core member of the Fortis group. Fortis Bank is the
