We now consider that Fortis Bank and BGL are core entities of BNP Paribas and integral to the parent's overall strategy. We view their integration process into BNP Paribas as on track. We are upgrading Fortis Bank and BGL to 'AA'. We are raising our junior subordinated debt rating to 'A' on FB, which applies to two Tier 1 securities. The negative outlook fully mirrors that on the parent, BNP Paribas. On Jan. 29, 2010, Standard&Poor's Ratings Services raised its long-term counterparty credit ratings on Fortis Bank SA/NV (tradename BNP Paribas Fortis, FB in this report) and its subsidiary BGL BNP Paribas S.A. (BGL) to 'AA' from 'AA-'. In a related action, we raised our junior subordinated debt
