Membership in the AXA insurance group. Strong capital base. Strong asset quality. European banking role within AXA. Adequate market position in Belgium. Weak profitability. Limited business diversification. Exposure to interest rate movements. Untested European banking strategy. The ratings on Belgium-based AXA Bank Europe S.A. (ABE) primarily reflect its status as a core member of the AXA insurance group (core operating subsidiaries insurer financial strength rating AA/Negative). Additional rating factors are the bank's strong capitalization, strong asset quality, European banking role within AXA, and adequate market position in Belgium. Offsetting these factors are ABE's weak profitability, limited business diversification, exposure to market risk, and the untested nature of its European banking strategy. ABE is a core component of AXA group's European
