The ratings on Belgium-based Fortis Bank reflect its strong position in the Benelux banking market, good asset quality, satisfactory profitability, and adequate capitalization. They also factor in the bank's position as a core member of Belgian-Dutch banking and insurance group Fortis. These positive factors are somewhat offset by Fortis Bank's limited growth potential and its highly competitive core markets in the Benelux region, as well as by the group's bolder strategy for diversification outside its home market. 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 moderate risk profile, its activities and assets are concentrated in its home market, and the bulk of
