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. As a result of the purchase of the businesses of ABN AMRO Bank N.V. (AA-/Developing/A-1+), the ratings on Fortis Bank also incorporate its improved market position, business diversification, and risk profile, as well as the significant execution risk, deteriorated profitability before the medium-term achievement of synergies, and large negative impact on Fortis group's financial flexibility. In October 2007, Fortis group purchased
