DBRS Withdraws Legacy Ratings of former Fortis Bank (Nederland) N.V.

DBRS Ratings Limited (DBRS) has today withdrawn its legacy debt and deposit ratings on Fortis Bank (Nederland) N.V. (currently referenced as ABN AMRO by DBRS), including the Long-Term Debt and Deposit rating of A (high), the Long-Term Government Guaranteed Debt rating of AAA, the Short-Term Debt rating of R-1 (middle), and the Short-Term Government Guaranteed Debt rating of R-1 (high). This rating action reflects that all of the above listed liabilities have been repaid, matured or fully assumed by ABN AMRO Bank N.V.

In July 2010, ABN AMRO Bank and Fortis Bank (Nederland) N.V. legally merged to form ABN AMRO Bank N.V. As a result, ABN AMRO BANK N.V. assumed all rights and obligations of Fortis Bank (Nederland) N.V. DBRS maintained Long-Term and Short-Term ratings for Fortis Bank (Nederland) N.V., under the name of ABN AMRO, because legacy rated debt, including Government Guaranteed debt, remained outstanding. All Government Guaranteed debt has now matured, with the last issue rated by DBRS maturing in May 2014.

The two outstanding Long-Term instruments originally issued by Fortis Bank (Nederland) N.V., that are rated by DBRS, will now be listed under ABN AMRO Bank N.V., as they are now obligations of ABN AMRO Bank N.V.

Notes:
All figures are in Euros (EUR) unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the following: DBRS Criteria: Support Assessment for Banks and Banking Organisations and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities. These can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Ross Abercromby
Rating Committee Chair: Roger Lister
Initial Rating Date: September 11, 2009
Most Recent Rating Update: July 1, 2010

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For additional information on this rating, please refer to the linking document located at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.