Belfius Bank has strengthened its business and financial profiles over recent years, and we therefore anticipate that the group's creditworthiness will remain supported by strong capitalization to cover its existing risks, even if it were to be partially privatized. We are raising our ratings on Belfius Bank's subordinated and hybrid capital instruments by one notch because of the bank's improved unsupported group credit profile, that is the group's creditworthiness before any additional loss absorbing capacity support. We are affirming our 'A-/A-2' long- and short-term ratings on Belfius, and on its senior unsecured debt. Our outlook remains stable, as we anticipate the bank will pursue its moderate growth strategy and strengthen its currently modest profitability, while maintaining a high level of
