The ratings on Fortis Bank reflect the institution's strong position in the Benelux banking market, good asset quality, and satisfactory profitability and capitalization. Fortis Bank is the banking arm of Fortis, a Belgo-Dutch banking and insurance group. With total assets of €397 billion at Sept. 30, 2003, Fortis Bank is the largest bank in Belgium, the second-largest banking group in Luxembourg, and the fourth largest in the Netherlands. The bank has a moderately low risk profile; its activities and assets are concentrated in the Benelux region, which it views as its home market, and it has a limited involvement in investment-banking activities. The bank's asset quality remains sound, even if credit-risk indicators have deteriorated since the end of 2001 due
