Member of Fortis group; Group's strong Benelux market position, especially in Belgium banking; Strong asset quality; and Good profitability. Highly competitive Belgian retail banking market; Moderate, although improving, operating performance of the Dutch insurance division; and Untested growth strategy. The ratings on Belgium-based Fortis Bank reflect its strong position in the Benelux banking market, good asset quality, satisfactory profitability, and adequate capitalization. They also factor in the bank's position as a core member of Belgian-Dutch banking and insurance group Fortis. These positive factors are somewhat offset by Fortis Bank's limited growth potential and highly competitive core Benelux markets, as well as Fortis' still untested growth strategy that includes diversification outside its home market. Fortis Bank is the largest bank in
