Belfius Bank has started to issue senior nonpreferred notes, shortly after implementation of a Belgian law modifying the hierarchy of creditors' claims in liquidation. These notes have strengthened the bank's additional loss-absorbing capacity (ALAC) buffer, which, combined with a gradual buildup of capitalization, provides tangible credit protection for senior debtholders, in our view. We have already factored this positive development into our ratings on Belfius Bank, hence we are affirming our 'A-/A-2' ratings. The stable outlook reflects our expectation that Belfius Bank's operating performance will gradually improve over the next two years, owing to its renewed commercial momentum, translating into stronger profitability. PARIS (S&P Global Ratings) Oct. 27, 2017--S&P Global Ratings said today that it has affirmed its 'A-' long-term
