PARIS (Standard&Poor's) May 29, 2009--Standard&Poor's Ratings Services said today that it has upgraded to 'BB' from 'C' its issue rating on the convertible and subordinated hybrid equity-linked securities (CASHES) of Fortis Bank SA/NV (AA-/Negative/A-1+). At the same time, we placed the ratings on CreditWatch with developing implications. The upgrade reflects the recent statement by Fortis N.V. and Fortis SA/NV (both rated BB/Watch Pos/B, together, Fortis, Fortis Bank's previous shareholder) that, as a result of the announcement of their intention to resume the payment of a dividend for the 2009 financial year, the coupon on CASHES due on June 19, 2009, will be paid in cash. As a consequence of Fortis' public announcement, made on May 27,
