S&P shifts AXA Bank Belgium view to negative

S&P said it revised the outlook on AXA Bank Belgium to negative from stable.

“We believe that ABB’s profitability could erode over the next two years from an already modest level. ABB’s revenue generation capacity is highly sensitive to the interest rate environment due to its retail focus and lower business diversification than the large universal banks that dominate the Belgian market,” said S&P in a press release.

S&P affirmed ABB’s A+ rating.

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