The ratings on Belgium-based Fortis Bank SA/NV (Fortis Bank), and core subsidiaries Fortis Bank Nederland (Holding) N.V. (FBN) and Fortis Banque Luxembourg S.A. (FBL), primarily reflect Fortis Bank's strong position in the Benelux banking market, good asset quality, and satisfactory profitability. 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 highly competitive core Benelux markets. The ratings on Fortis Bank also reflect the positive and negative factors resulting from the purchase of the businesses of ABN AMRO Bank N.V. (ABN AMRO, AA-/Positive/A-1+). On the one hand, the acquisition will substantially benefit Fortis Bank's market position, business diversification, and
