Core subsidiary of and related support from BNP Paribas. Leading franchise in Belgium and Luxembourg. Reducing risk profile thanks to refocusing on core markets and businesses. Strong capitalization. Still moderate profitability. Large securities portfolio that remains a source of earnings volatility. The ratings on Belgium-based Fortis Bank SA/NV (trade name BNP Paribas Fortis; FB in this report), including those on its core Luxembourg-based subsidiary, BGL BNP Paribas S.A., reflect the bank's 75% ownership by French banking group BNP Paribas (AA/Negative/A-1+). We see FB as integral to BNP Paribas' European banking strategy. Therefore, we consider FB to be a core subsidiary of BNP Paribas and, according to our group methodology, we equalize ratings. As a result, the ratings on FB stand
