The ratings on Belgium-based AXA Bank Europe S.A. (ABE) primarily reflect its status as a core member of the AXA insurance group (core operating subsidiaries insurer financial strength rating AA/Negative). Additional rating factors are the bank's strong capitalization, strong asset quality, European banking role within AXA, and adequate market position in Belgium. Offsetting these factors are ABE's weak profitability, limited business diversification, exposure to market risk, and the untested nature of its European banking strategy. ABE is a core component of AXA group's European banking strategy and its customer-driven strategy in Belgium--providing financial protection to individuals and serving their financial needs at all stages of life. ABE is strongly integrated within insurance company AXA Belgium. The Belgian bank is by
