Strong capitalization and likely receipt of financial support from AXA Group (AXA), in case of stress. The strength of the AXA brand supports the stability of the bank's business and its franchise. Exposure to the low-risk Belgian economy. Weak profitability, particularly in an AXA Group context. Weakening role in intermediation activities for AXA. Business concentration on Belgian mortgage loans. The negative outlook on AXA Bank Belgium (ABB) indicates that S&P Global Ratings could downgrade ABB in the next 18-24 months if its profitability comes under greater pressure and its overall financial performance lags its domestic peers. In particular, we monitor the net interest margin for ABB's commercial activities and its capacity to control costs. We could revise the outlook to
