A stable and top tier domestic market position with good business diversification between banking and insurance services. Low credit risk in core lending activities. Derisking strategy leading to improved earnings capacity and internal capital generation. Sensitivity to market risk due to the large size of non-loan assets on the balance sheet. Completion of the so far well executed divestment of side assets. The negative outlook on Belgium-based Belfius Bank reflects our view that economic risk in Belgium could heighten, which would lead us to revise downward the current 'a-' anchor to 'bbb+' and lower our ratings on Belfius Bank, everything else being equal. It also reflects our view that the capital position may not firmly strengthen within the next three
