Membership of 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; and Adequate capital position, taking into account the situation of other group members. Sensitivity to interest rate movements; Highly competitive nature of the Belgian retail banking market; and Moderate, although improving, operating performance of the Dutch insurance division. The ratings on Belgium-based Fortis Bank reflect the institution's strong position in the Benelux banking market, good asset quality, satisfactory profitability, and adequate capitalization. The ratings also factor in Fortis Bank's position as a core member of the Fortis group. Fortis Bank
