We think Belfius Bank's financial position is improving thanks to its gradual capital strengthening policy and a well-managed deleveraging plan. We consider that, as a pure domestic lender, Belfius Bank remains exposed to potential heightening economic risk in Belgium, but is now better positioned to weather such an adverse scenario. We are therefore revising our outlook on Belfius Bank to stable from negative and affirming the 'A-/A-2' long- and short-term counterparty credit ratings. The stable outlook reflects our expectation that the bank will maintain its strategic focus for the next two years, including a further strengthening of its capital base and successfully finalizing its derisking plan. PARIS (S&P Global Ratings) Nov. 10, 2016--S&P Global Ratings today revised its outlook on
