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FINANCIALS: Crelan (Baa1/NR/NR) - Positive outlook by S&P

FINANCIALS
BelgiumBulletCredit BulletsEurozone

S&P, which rates S&P as an institution, but does not rate any of the bonds, put Crelan on positive outlook this morning. Its long term issuer rating with S&P is currently A- 

  • This follows the successful integration of its purchase of Axa Bank Belgium in 2021
  • Operating synergies expected to counteract falling NIM from lower rates
  • S&P's risk adjusted capital ratio has improved to 13.4% from 12.2% in 2022 due to retained earnings. S&P forecasts to reach close to 15% by 2026
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S&P, which rates S&P as an institution, but does not rate any of the bonds, put Crelan on positive outlook this morning. Its long term issuer rating with S&P is currently A- 

  • This follows the successful integration of its purchase of Axa Bank Belgium in 2021
  • Operating synergies expected to counteract falling NIM from lower rates
  • S&P's risk adjusted capital ratio has improved to 13.4% from 12.2% in 2022 due to retained earnings. S&P forecasts to reach close to 15% by 2026