On July 16, 2003, Standard&Poor's Ratings Services revised its outlook to stable from negative on the rated entities of the Belgian-Dutch banking and insurance group Fortis, including Fortis Bank and its banking subsidiary Banque Générale du Luxembourg (BGL). At the same time, Standard&Poor's affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on Fortis Bank and BGL. The revised outlook reflects the Fortis group's sound levels of capital despite a prolonged deterioration in stock market conditions, while the ratings on Fortis Bank reflect the institution's strong position in the Benelux banking market, good asset quality, and satisfactory profitability. The bank has adequate capitalization, given its low-risk profile. Fortis Bank is the banking arm of Fortis.
