S&P trims AXA Bank Belgium

S&P said it lowered its long-term issuer credit rating on AXA Bank Belgium to A- from A+ and placed the A- rating on CreditWatch with negative implications.

The downgrade comes after AXA said it plans to sell AXA Bank Belgium to Crelan.

“The CreditWatch placement reflects the possibility of a downgrade when the deal officially closes, at which time we will remove any remaining rating support from AXA Group and assess the creditworthiness of the consolidated Crelan/AXA Bank Belgium group, and consider if support from additional loss absorbing capacity (ALAC) applies to the ratings,” said S&P in a press release.

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