OVERVIEW We have assigned preliminary 'AAA' ratings to BNP Paribas Fortis' mortgage covered bond program and proposed inaugural issuance. Our preliminary ratings reflect our review of the program under our covered bonds criteria and that the available credit enhancement exceeds the required credit enhancement for a 'AAA' rating. The stable outlook reflects unused notches of uplift from the long-term issuer credit rating on BNP Paribas Fortis. LONDON (S&P Global Ratings) Oct. 7, 2016--S&P Global Ratings today assigned its preliminary 'AAA' credit ratings to BNP Paribas Fortis SA/NV's mortgage covered bond program and related inaugural issuance of mortgage covered bonds. The outlook on our ratings is stable. Our covered bond ratings process follows the methodology and assumptions outlined in "Covered Bonds
