PARIS (Standard&Poor's) Sept. 15, 2009--Standard&Poor's Ratings Services said today that it affirmed the 'BB' issue rating on the convertible and subordinated hybrid equity-linked securities (CASHES) of Fortis Bank SA/NV (Fortis Bank, AA-/Negative/A-1+). We removed the rating from CreditWatch with developing implications where it was placed on May 29, 2009. The affirmation reflects our understanding that the bank does not expect to amend the terms and conditions of the CASHES in the foreseeable future. As a consequence, current contractual terms of the CASHES hold and remain linked to the creditworthiness of Fortis N.V. and Fortis SA/NV (both rated BBB-/Stable/A-3, together Fortis, Fortis Bank's previous shareholder). As an example of this link, interest payments on the CASHES are
