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Fortis Bank SA/NV's CASHES Instruments Upgraded To 'BB', Placed On CreditWatch Developing
PARIS (Standard & Poor's) May 29, 2009--Standard & Poor's Ratings Services said today that it has upgraded to 'BB' from 'C' its issue rating on the convertible and subordinated hybrid equity-linked securities (CASHES) of Fortis Bank SA/NV (AA-/Negative/A-1+). At the same time, we placed the ratings on CreditWatch with developing implications.
The upgrade reflects the recent statement by Fortis N.V. and Fortis SA/NV (both rated BB/Watch Pos/B, together, Fortis, Fortis Bank's previous shareholder) that, as a result of the announcement of their intention to resume the payment of a dividend for the 2009 financial year, the coupon on CASHES due on June 19, 2009, will be paid in cash.
As a consequence of Fortis' public announcement, made on May 27, 2009, of its intention to pay a dividend on its ordinary shares for the 2009 financial year, we understand that, according to the terms of the CASHES instrument, the mandatory usage of the alternative coupon satisfaction method (ACSM)--previously triggered by Fortis's announcement on March 15, 2009, that it would cut the dividend for financial year 2008 following a massive statutory loss--is no longer compulsory. We understand that Fortis Bank will consequently pay in cash the next coupons on CASHES, until a requirement to pay coupons through the ACSM arises again.
The CreditWatch with developing implications reflects uncertainties surrounding, in our view, the evolution of the terms and conditions of the CASHES instruments, now that Fortis Bank is no longer owned by Fortis.
To resolve the CreditWatch status, we plan to review the possible amendments to the terms and conditions of CASHES and assess the support that Fortis Bank may likely receive from its present 75% owner, French bank BNP Paribas (AA/Negative/A-1+).
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