The ratings on Belgium-based Fortis Bank reflect the institution's strong position in the Benelux banking market, good asset quality, satisfactory profitability, and adequate capitalization. The ratings also factor in Fortis Bank's position as a core member of Fortis, a Belgian-Dutch banking and insurance group. Fortis Bank is the largest bank in Belgium, the second-largest banking group in Luxembourg, and the fourth-largest banking group in the Netherlands. The bank has a moderately low risk profile; its activities and assets are concentrated in its home market; and the bulk of its revenues is derived from retail and commercial banking. Credit risk indicators improved strongly in the first nine months of 2004, reflecting the improvement in the economic environment and a reduction of
