PARIS (Standard&Poor's) March 17, 2009--Standard&Poor's Ratings Services said today that it lowered to 'CC' from 'BB' its issue rating assigned to Fortis Bank SA/NV's (Fortis Bank; A/Watch Pos/A-1) convertible and subordinated equity-linked securities (CASHES). The rating remains on CreditWatch with developing implications, where it was originally placed on Oct. 6, 2008. This decision follows the announcement that, following a statutory loss of €22.5 billion at year-end 2008, Fortis SA/NV (Fortis; Fortis Bank's former majority shareholder) will cut its dividend for financial year 2008. Although the bank stated that it will pay the coupon payment on the CASHES due on March 19, 2009, to investors in cash, the announcement of a nonpayment of a dividend for 2008
