S&PCORRECT: Fortis Group €2 Bil Hybrid Lowered To 'BB', On Watch Developing On Oct. 6, 2008 - S&P Global Ratings’ Credit Research

S&PCORRECT: Fortis Group €2 Bil Hybrid Lowered To 'BB', On Watch Developing On Oct. 6, 2008

S&PCORRECT: Fortis Group €2 Bil Hybrid Lowered To 'BB', On Watch Developing On Oct. 6, 2008 - S&P Global Ratings’ Credit Research
S&PCORRECT: Fortis Group €2 Bil Hybrid Lowered To 'BB', On Watch Developing On Oct. 6, 2008
Published Nov 17, 2008
Published Nov 17, 2008
Price US$ 150.00  |  Buy this Report Now

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Abstract:

PARIS (Standard&Poor's) Nov. 17, 2008--Standard&Poor's Ratings Services today corrected a technical error, saying that the €2 billion mandatory convertible securities (MCS) issued by entities within the Belgian-Dutch bancassurance group Fortis are rated 'BB'. The debt ratings on various hybrid capital instruments, including the MCS, were lowered to 'BB' from 'BBB' and placed on CreditWatch with developing implications on Oct. 6, 2008, as indicated in our article "Fortis Entities Put On Watch With Various Implications; Holding Cos. Downgraded To 'BBB-/A-3'," published that date on RatingsDirect. Due to an administrative error regarding the identities of certain instruments and issuers, the lowering of the debt rating on the MCS did not update or display accurately in our database. Today's

  
Report Type:

Ratings Action

Ticker
FBAVP@BB
Issuer
BNP Paribas Fortis SA/NV
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Public Finance, Structured Finance
Country
Belgium
Region
United States
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "S&PCORRECT: Fortis Group €2 Bil Hybrid Lowered To 'BB', On Watch Developing On Oct. 6, 2008" Nov 17, 2008. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/S-PCORRECT-Fortis-Group-2-Bil-Hybrid-Lowered-To-BB-On-Watch-Developing-On-Oct-6-2008-683692>
  
APA:
S&P Global Ratings’ Credit Research. (). S&PCORRECT: Fortis Group €2 Bil Hybrid Lowered To 'BB', On Watch Developing On Oct. 6, 2008 Nov 17, 2008. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/S-PCORRECT-Fortis-Group-2-Bil-Hybrid-Lowered-To-BB-On-Watch-Developing-On-Oct-6-2008-683692>
  
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