August 1, 2014 / 2:47 PM / 6 years ago

Fitch: Ageas SA/NV's Rating Unaffected by Court Ruling

(The following statement was released by the rating agency) LONDON, August 01 (Fitch) Fitch Ratings says that Ageas SA/NV's ratings (BBB+/Stable/F2) are not affected by the Amsterdam Court of Appeal's ruling on the indemnification of former Ageas' (then Fortis) shareholders. Ageas reported on 31 July the Amsterdam Court of Appeal's verdict that during the period of 29 September 2008 to 1 October 2008 Fortis provided misleading and incomplete information to the markets. The Court ruled that Fortis should indemnify the shareholders concerned for any damages suffered. Although the amount of indemnification has not been quantified, based on its expectations and as a precaution, Ageas has created a provision of EUR130m. The amount is approximately equivalent to 13% of Ageas Group's pretax profit in 2013. Meanwhile, the company has appealed the Court's decision. Contact: Federico Faccio Senior Director +44 20 3530 1394 Fitch Ratings Limited 30 North Colonnade London E14 5GN Marc-Philippe Juilliard Senior Director +33 1 4429 91 37 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: Additional information is available at ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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