Core subsidiary of the BNP Paribas group. A strong deposits-fueled funding profile. A stable and diverse universal bank insurance model. Operating revenues under pressure due to low interest rates. Significant exposure to Turkey through Türk Ekonomi Bankasi (TEB). The positive outlook on BNP Paribas Fortis (BNPPF) mirrors that of BNP Paribas (BNPP), its ultimate parent holding company. This reflects S&P Global Ratings' view of BNPPF as a core subsidiary of BNPP. The rating on BNPPF is therefore at the level of our 'a' group credit profile (GCP) for BNPP, and any change in the latter would trigger a similar rating action on BNPPF. BNPPF is fully owned by BNPP. In May 2009, BNPP acquired 75% of Fortis Bank SA/NV (renamed
