Belfius Bank SA/NV 'A/A-1' Ratings Affirmed Despite Lower Forecast ALAC Buffer; Outlook Stable

We forecast that Belfius Bank SA/NV's (Belfius') additional loss-absorbing capacity (ALAC) ratio will decline to slightly above our 3% threshold by year-end 2026 due to increased risk weighted assets (RWAs) and an expected lower stock of subordinated debt. However, the ALAC buffer will remain sufficient to continue supporting senior debt holders in a resolution scenario. Belfius' stand-alone creditworthiness, notably underpinned by its strong capitalization, will also be unchanged. We therefore affirmed our 'A/A-1' issuer credit ratings on Belfius. The outlook remains stable, reflecting our expectation that Belfius will deliver on its strategic plan and its creditworthiness will remain robust over the next two years. PARIS (S&P Global Ratings) Oct. 30, 2024--S&P Global Ratings today affirmed its 'A/A-1' long- and short-term

...October 30, 2024 - We forecast that Belfius Bank SA/NV's (Belfius') additional loss-absorbing capacity (ALAC) ratio will decline to slightly above our 3% threshold by year-end 2026 due to increased risk weighted assets (RWAs) and an expected lower stock of subordinated debt. - However, the ALAC buffer will remain sufficient to continue supporting senior debt holders in a resolution scenario. - Belfius' stand-alone creditworthiness, notably underpinned by its strong capitalization, will also be unchanged. - We therefore affirmed our 'A/A-1' issuer credit ratings on Belfius. - The outlook remains stable, reflecting our expectation that Belfius will deliver on its strategic plan and its creditworthiness will remain robust over the next two years. PARIS (S&P Global Ratings) Oct. 30, 2024--S&P Global Ratings today affirmed its 'A/A-1' long- and short-term issuer credit ratings on Belfius Bank SA/NV (Belfius). The outlook on the long-term rating is stable. We also affirmed all our issue ratings...

Ratings Action