Fortis Bank SA/NV CASHES Issue Rating Lowered To 'C'; Payment On Next Coupon Deferred - S&P Global Ratings’ Credit Research

Fortis Bank SA/NV CASHES Issue Rating Lowered To 'C'; Payment On Next Coupon Deferred

Fortis Bank SA/NV CASHES Issue Rating Lowered To 'C'; Payment On Next Coupon Deferred - S&P Global Ratings’ Credit Research
Fortis Bank SA/NV CASHES Issue Rating Lowered To 'C'; Payment On Next Coupon Deferred
Published May 19, 2009
636 words — Published May 19, 2009
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About This Report

  
Abstract:

PARIS (Standard&Poor's) May 19, 2009--Standard&Poor's Ratings Services said today that it has lowered to 'C' from 'CC' its issue rating on Fortis Bank SA/NV's (AA-/Negative/A-1+) convertible and subordinated hybrid equity-linked securities (CASHES). At the same time, we removed the rating from CreditWatch with developing implications, where it was originally placed on Oct. 6, 2008. This decision reflects our view that Fortis Bank will not be able to settle the CASHES coupon payment of June 19, 2009, in a timely manner. Because we understand this coupon suspension is in accordance with the terms of the hybrid instrument, we will not lower its rating to 'D' on the very day the payment on the coupon is missed. Following

  
Brief Excerpt:

RESEARCH Fortis Bank SA/NV CASHES Issue Rating Lowered To 'C'; Payment On Next Coupon Deferred Publication date: 19-May-2009 Primary Credit Analyst: Sylvie Dalmaz, Paris (33) 1-4420-6682; sylvie_dalmaz@standardandpoors.com Secondary...

  
Report Type:

Ratings Action

Ticker
FBAVP@BB
Issuer
BNP Paribas Fortis SA/NV
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Public Finance, Structured Finance
Country
Belgium
Region
United States
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Fortis Bank SA/NV CASHES Issue Rating Lowered To 'C'; Payment On Next Coupon Deferred" May 19, 2009. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Fortis-Bank-SA-NV-CASHES-Issue-Rating-Lowered-To-C-Payment-On-Next-Coupon-Deferred-722769>
  
APA:
S&P Global Ratings’ Credit Research. (). Fortis Bank SA/NV CASHES Issue Rating Lowered To 'C'; Payment On Next Coupon Deferred May 19, 2009. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Fortis-Bank-SA-NV-CASHES-Issue-Rating-Lowered-To-C-Payment-On-Next-Coupon-Deferred-722769>
  
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