PARIS (Standard&Poor's CreditWire) Jan. 31, 2000--Standard&Poor's today affirmed its ratings on Fortis Bank and on the bank's 53%-owned subsidiary, Banque Générale du Luxembourg (BGL), including the double-'A'-minus long-term and 'A-1'-plus short-term counterparty credit ratings on both entities. At the same time, Standard&Poor's affirmed its ratings on the four holding companies of Benelux insurance and banking group Fortis--Fortis (B), Fortis (NL), Fortis SA/NV, and Fortis N.V.--including the single-'A'-plus long-term and 'A-1' short-term counterparty credit ratings. The outlook on all the above entities remains stable. These rating actions follow Fortis' announcement earlier today of a forthcoming public exchange offer on the 47% stake of BGL that it does not already own. Fortis is planning to offer
