PARIS (Standard&Poor's) June 12, 2007--Standard&Poor's Ratings Services said today that it had raised its long- and short-term counterparty credit ratings on AXA Bank Belgium SA to 'AA-/A-1+' from 'A+/A-1'. The outlook is stable. "The upgrade of AXA Bank Belgium follows the raising of the long-term ratings on the core operating subsidiaries of the AXA insurance group to 'AA' from 'AA-' and reflects the bank's status as a core member of the group," said Standard&Poor's credit analyst Cédric Moulucou. The ratings on AXA Bank Belgium also reflect the bank's successful commercial strategy and professional management, significant market share in its main mortgage-lending activity, and strong asset quality. Offsetting these factors are its limited size in
