Fitch Ratings affirmed the A+ long-term and F1 short-term ratings given to four holding companies of Fortis, the Belgian-Dutch financial services group.
The ratings affirmation follows an announcement by Fortis of its intention to make an initial public offering (IPO) of its US insurance operations during 2004.
Fitch said it would monitor the development of the IPO and "might take rating action should its execution generate unfavourable business, strategic or financial consequences".
Fitch said Fortis's ratings were based on the group's strong banking and insurance franchises in the Benelux countries, good earnings and satisfactory overall capitalisation, despite the effect of sharp reductions since 2001 in the market value of the group's equity investments.
