The ratings on AXA Bank Belgium SA (ABB) reflect its status as a core member of the AXA insurance group (core operating subsidiaries rated AA-/Stable/--). Additional rating factors are 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 the AXA group's strategy in Belgium of providing financial protection and serving the financial needs of individuals at all stages of life. The bank is strongly integrated with its sister insurance company, AXA Belgium (AA-/Stable/--). The AXA group's strategy in Belgium
