On June 12, 2007, Standard&Poor's Ratings Services raised its long- and short-term counterparty credit ratings on AXA Bank Belgium SA (ABB) to 'AA-/A-1+' from 'A+/A-1' following the raising of the long-term ratings on the core operating subsidiaries of the AXA insurance group to 'AA' from 'AA-' and reflecting the bank's status as a core member of the group. The outlook is stable. The ratings on ABB also reflect the bank's successful commercial strategy and professional management, significant market share in its main mortgage-lending activity, and strong asset quality. Offsetting these factors are the bank's limited size in the highly competitive Belgian market, modest profitability, exposure to market risk, and pressured capital ratios. ABB is a core component of
