Moody's lifts AXA Bank view to stable

Moody's Investors Service said it affirmed the A2 long-term deposit rating of AXA Bank Belgium (ABB) and changed the outlook to stable from negative.

Moody's also said it upgraded ABB's baseline credit assessment to Baa2 from Baa3 and affirmed its adjusted baseline credit assessment of A2.

The outlook revision follows a similar outlook revision on ABB's parent AXA, the agency said.

The ratings reflect the bank's improved creditworthiness since the completion of its refocus on the Belgium market, including better asset quality, capitalization, profitability and funding profile, Moody's said.

The bank's asset quality is strong given the focus on Belgian residential mortgages, the agency said.

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