On Jan. 30, 2008, Standard&Poor's Ratings Services revised its outlook on the holding companies, core entities, and a number of subsidiaries of Belgian banking and insurance group Fortis to negative from stable. At the same time, the ratings on all of the entities were affirmed, including the 'A+/A-1' counterparty credit ratings on holding companies Fortis SA/NV and Fortis N.V. and the 'AA-/A-1+' counterparty credit ratings on Fortis Bank SA/NV. In a related rating action, Standard&Poor's revised its outlook on Dutch ABN AMRO Bank N.V., which is rated 'AA-/A-1+', to developing from positive. These rating actions reflect factors specific to the Fortis group, but also our views on the impact of continued weakness in capital market conditions
