Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable
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1 Research Update: Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Philippe Raposo, Paris (33) ; Secondary Contact: Nicolas Hardy, Paris (33) ; Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria Related Research Ratings List OCTOBER 27,
2 Research Update: Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable Overview Belfius Bank has started to issue senior nonpreferred notes, shortly after implementation of a Belgian law modifying the hierarchy of creditors' claims in liquidation. These notes have strengthened the bank's additional loss-absorbing capacity (ALAC) buffer, which, combined with a gradual buildup of capitalization, provides tangible credit protection for senior debtholders, in our view. We have already factored this positive development into our ratings on Belfius Bank, hence we are affirming our 'A-/A-2' ratings. The stable outlook reflects our expectation that Belfius Bank's operating performance will gradually improve over the next two years, owing to its renewed commercial momentum, translating into stronger profitability. Rating Action On Oct. 27, 2017, S&P Global Ratings affirmed its 'A-' long-term and 'A-2' short-term issuer credit ratings on Belgium-based Belfius Bank SA/NV. The outlook remains stable. Rationale The affirmation reflects our view that Belfius Bank's material issuance of senior nonpreferred debt, along with the strengthening of its capital position, provides greater tangible protection for senior unsecured creditors in the event of unexpected stress. Since 2016, we have believed that prospects for extraordinary government support for the Belgian banking sector is uncertain following the implementation of the EU Bank Recovery and Resolution Directive, including bail-in powers. This led us to remove the one-notch of uplift for government support from our long-term rating on Belfius Bank in December At that time, we included an additional notch of uplift in the long-term rating because we believed the bank to be in a positive transition, thanks to its well-managed derisking strategy and gradual strengthening of capitalization. In our view, this phase is over. We have replaced the transitional notch with a notch for ALAC support because we believe the bank will sustain its current capitalization and bail-in-able debt levels. OCTOBER 27,
3 Research Update: Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable We include in our ALAC assessment Belfius Bank's excess capital over our 7% risk-adjusted capital (RAC) ratio threshold for adequate capital, and subordinated instruments that have capacity to absorb losses without triggering a default on senior obligations. We calculate that Belfius Bank's ALAC ratio was 3.9% of our adjusted risk-weighted assets figure at year-end Since mid-2017, following the adoption in Belgium of a law modifying the hierarchy of creditors' claims in liquidation, Belfius Bank has issued two senior nonpreferred notes that we include in its ALAC buffer. Consequently, by our estimates, these respective 750 million and 500 million issuances increased the ALAC buffer to 5.7% of risk-weighted assets. We believe Belfius Bank will maintain its ALAC buffer above our 5% threshold for a one-notch uplift in the long-term rating, owing to regular issuance of bail-in-able instruments and steady capitalization. Our unchanged view of the unsupported group credit profile (GCP) reflects Belfius Bank's sound retail and public-sector franchise in Belgium, which supports stable and predictable earnings, although profitability remains modest compared with that of other Belgian leading banks. We also take into account the group's material earnings diversity, provided by its insurance operations, which are integral to the group's strategy. More importantly, we believe legacy risks inherited from the Dexia era have now diminished, and the bank's gradually increasing loss-absorbing capacity has put it on a better footing to face future regulatory challenges and transformations, such as a planned IPO in the coming quarters. Outlook The stable outlook on Belfius Bank reflects our view that, over the next two years, the bank will continue benefitting from the combination of banking and insurance activities, and maintain a prudent capital policy. Further strengthening of the capital position, by our measures, would not automatically lead to an upgrade, since that would lead us to adjust the amount of excess core capital contributing to the bank's ALAC buffer. We could consider raising the ratings if Belfius Bank's core capital base strengthened by our measures and, at the same time, its total bail-in-able instruments protecting senior unsecured creditors increased. An upgrade would also be subject to Belfius Bank further restoring its profitability in line with 'A' rated peers', which will take time, in our view. We see a downgrade as remote in the next two years. Although not our base-case scenario, we could lower our ratings if we were to observe growing economic imbalances or increasing credit risk in the country, notably in the real estate sector, given the bank's pure domestic focus. We will also monitor to what extent the planned IPO could alter over time Belfius Bank's business and financial strategies, whose conservativeness has supported the ratings so far. OCTOBER 27,
4 Research Update: Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable Ratings Score Snapshot To From Issuer Credit Rating A-/Stable/A-2 A-/Stable/A-2 SACP bbb+ bbb+ Anchor a- a- Business Position Adequate (0) Adequate (0) Capital and Earnings Adequate (0) Adequate (0) Risk Position Moderate (-1) Moderate (-1) Funding Average (0) Average (0) and Liquidity Adequate Adequate Support (+1) (0) ALAC Support (+1) (0) GRE Support (0) (0) Group Support (0) (0) Sovereign Support (0) (0) Additional Factors (0) (+1) Related Criteria Criteria - Financial Institutions - General: Risk-Adjusted Capital Framework Methodology, July 20, 2017 General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 General Criteria: Guarantee Criteria, Oct. 21, 2016 Criteria - Financial Institutions - Banks: Bank Rating Methodology And Assumptions: Additional Loss-Absorbing Capacity, April 27, 2015 Criteria - Financial Institutions - Banks: Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions, Jan. 29, 2015 General Criteria: Group Rating Methodology, Nov. 19, 2013 Criteria - Financial Institutions - Banks: Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013 Criteria - Financial Institutions - Banks: Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Criteria - Financial Institutions - Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009 Criteria - Financial Institutions - Banks: Commercial Paper I: Banks, March 23, OCTOBER 27,
5 Research Update: Belgium-Based Belfius Bank 'A-/A-2' Ratings Affirmed; Outlook Stable Related Research Banking Industry Country Risk Assessment: Belgium, Aug. 10, 2017 Ratings List Belfius Funding Subordinated* Ratings Affirmed Belfius Bank SA/NV Counterparty Credit Rating A-/Stable/A-2 Certificate Of Deposit A-/A-2 Senior Unsecured A- Senior Subordinated BBB Subordinated BBB- Junior Subordinated BB+ Belfius Financing Co. Junior Subordinated* BB+ Commercial Paper* A-2 BBB- Dexia Secured Funding Belgium N.V. Senior Secured* A- Guarantor: Belfius Bank SA/NV. Additional Contact: Financial Institutions Ratings Europe; Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column. Alternatively, call one of the following S&P Global Ratings numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) OCTOBER 27,
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January 25, 2012 Research Update: Austria-Based KA Finanz 'A/A-1' Ratings Affirmed, Outlook Stable Primary Credit Analyst: Anna Lozmann, Frankfurt 49 0 69 33 999 166;anna_lozmann@standardandpoors.com Secondary
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More informationNational Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable
Research Update: National Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108;
More informationR.V.I. Guaranty Co. Ltd. Upgraded To 'BBB+'; Outlook Stable
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More informationGermany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable
Research Update: Germany-Based Specialty Insurer Inter Hannover Downgraded To 'A+' On Change Of Group Structure; Outlook Stable Primary Credit Analyst: Jean Paul Huby Klein, Frankfurt (49) 69-33-999-198;
More informationTemasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable
Research Update: Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable Primary Credit Analyst: Bertrand P Jabouley, CFA, Singapore (65) 6239-6303; bertrand.jabouley@spglobal.com
More informationFortum Oyj 'BBB+/A-2' Ratings Placed On CreditWatch Negative On Possible Adverse Impacts Of Planned Uniper Acquisition
Research Update: Fortum Oyj 'BBB+/A-2' Ratings Placed On CreditWatch Negative On Possible Adverse Impacts Of Planned Uniper Acquisition Primary Credit Analyst: Lovisa E Forsloef, Stockholm (46) 8-440-5908;
More informationLiechtenstein-Based LGT Bank And VP Bank Ratings Affirmed After Review Of Government Support; LGT Off Watch
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Research Update: Euler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@standardandpoors.com
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Research Update: AXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable Primary Credit Analyst: Michael J Vine, Melbourne (61) 3-9631-2013; Michael.Vine@spglobal.com
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More informationComision Federal de Electricidad, PEMEX, And Subsidiaries Local Currency Ratings Cut To 'A-' On Change In S&P Criteria
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More informationGovernment Development Bank for Puerto Rico Downgraded To 'CC' From 'CCC-' On Imminent Default; Outlook Negative
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Research Update: Swedish District Heating Company Fortum Varme Holding samagt med Stockholms stad Rated Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com
More informationGerman Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable
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More informationInteractive Brokers LLC
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