Stable and top-tier domestic market position with good business diversification between banking and insurance services. Low credit risk in core lending activities. Improving earnings capacity and internal capital generation. Geographically concentrated in a single country. Sensitive to market risk due to the large size of non-loan assets on the balance sheet. Pressure on interest revenues from persistently low interest rates, as is the case for European peers. S&P Global Ratings' stable outlook on Belgium-based Belfius Bank reflects our view that, over the next two years, the bank will continue benefitting from its combination of banking and insurance activities, and maintain a prudent capital policy. Further strengthening of the capital position, by our measures, would not automatically lead to an upgrade,
