S&P cuts AXA Bank Belgium short-term

S&P said it affirmed the A+ long-term issuer credit rating on AXA Bank Belgium.

The outlook is stable.

At the same time, the agency lowered the short-term issuer credit rating to A-1 from A-1+.

AXA Group recently provided an update on its strategic focus, indicating that it intends to reduce and rationalize the footprint of several entities, including AXA Bank Belgium, S&P explained.

“We are revising our view on ABB's strategic importance accordingly, to strategically important from highly strategic, and we therefore no longer assume AXA's exceptional liquidity would be available to ABB in case of distress,” the agency said in a news release.

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