The ratings on Belgium-based Fortis Bank SA/NV (FB), including those on its core Luxembourg-based subsidiary, BGL BNP Paribas S.A., reflect the bank's 75% ownership by French banking group BNP Paribas (AA/Negative/A-1+). We see FB as integral to BNP Paribas' European banking strategy. Therefore, we consider FB to be a core subsidiary of BNP Paribas and, according to our group methodology, we equalize ratings. As a result, the ratings on FB stand four notches above its stand-alone credit profile (SACP). Supporting the SACP in our view is FB's leading domestic franchise, reducing risk profile, and strong solvency position. Mitigating these factors is still moderate profitability, and credit risk in the international commercial portfolio. In our view, FB and BGL reinforce BNP
