Membership in the AXA insurance group Very strong capital base Strong asset quality Positive move to enlarge its role within AXA Satisfactory market position in core mortgage-lending business in Belgium Weak profitability Limited business diversification Exposure to interest rate movements Untested European banking strategy The ratings on AXA Bank Belgium S.A. (ABB) reflect its status as a core member of the AXA insurance group (core operating subsidiaries insurer financial strength rating AA/Stable). Additional rating factors are the bank's very strong capitalization, strong asset quality, new European banking role within AXA, and satisfactory market share in its main mortgage-lending activity. Offsetting these factors are ABB's weak profitability, limited business diversification, exposure to market risk, and the untested nature of its European
