AXA Bank Europe S.A.

High strategic importance to the AXA insurance group and expectation of extraordinary financial support, in case of need. Strong regulatory capital ratios. Resilient asset quality in Belgium. Structurally weak earnings generation capabilities and limited business diversification. Exposure to interest rate risk. The stable outlook on AXA Bank Europe S.A. (ABE) mirrors that on France-based insurance group AXA (AA-/stable/--). It also reflects S&P Global Ratings' view that ABE will remain a highly strategic subsidiary of the AXA group in the next two years. As long as our assessment of the subsidiary status remains unchanged, our ratings on ABE will remain one notch below AXA's group credit profile (GCP) and move in tandem with it. We could upgrade ABE in the next

...*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees....

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