We believe the prospect of extraordinary government support for Belgian banks is now uncertain in view of the country's well-advanced and effective resolution regime. We are therefore removing the one notch of uplift for government support that we had previously incorporated in the long-term counterparty credit ratings on Belfius Bank. However, we now include one notch of uplift in the long-term ratings because we consider that Belfius Bank's derisking strategy is ushering the bank through a positive transition, and we believe this should lead to a further strengthening in the bank's financial profile within the next two to three years. We are affirming our 'A-/A-2' long- and short-term counterparty credit ratings on Belfius Bank. The outlook remains negative, reflecting our
