On April 30, 2009, Standard&Poor's Ratings Services decided to maintain on CreditWatch with positive implications the 'A' long-term and 'A-1' short-term counterparty credit ratings on Fortis Bank SA/NV (FBB) and on core subsidiary BGL S.A. (formerly Fortis Bank Luxembourg S.A.). Our CreditWatch update on FBB follows the announcement on April 29, 2009, that the general meetings of shareholders of Fortis SA/NV and Fortis N.V. (FBB's previous shareholder) have voted in favor of the transactions with the Belgian state and BNP Paribas (AA/Negative/A-1+). We understand that this means that BNP Paribas will acquire 75% of FBB from the Belgian state as soon as regulatory approval is obtained. In its home market, we see FBB as the leading player in
