(The following statement was released by the rating agency)PARIS/LONDON, April 16 (Fitch) Fitch Ratings has affirmed Belfius Bank SA/NV's (A-/Negative) mortgage cover pool pandbrieven at 'AAA' with Negative Outlook.KEY RATING DRIVERSThe affirmation follows a revision of the breakeven overcollateralisation (OC) for the 'AAA' rating to 26% from 25.5%, following the issuance of further series, including unrated N-Bonds ranking pari-passu with the outstanding pandbrieven series, and all backed by the EUR5.06bn Belgian residential mortgage loan cover pool. This compares with the 34.4% of nominal OC which Fitch relies on in it analysis, corresponding to the lowest nominal OC over the last 12 months. Fitch's breakeven OC for the rating will be affected, among other things, by changes in the assets profile in relation to the pandbrieven, which will change over time.The rating is further based on the Long-term Issuer Default Rating (IDR) of Belfius Bank SA/NV and an unchanged Discontinuity-Cap (D-Cap) of 4 (moderate).The Negative Outlook is driven by the Negative Outlook on Belfius Bank SA/NV's IDR and the IDR uplift of 1 assigned to the programme (see 'Fitch Affirms Belgian Pandbrieven on Criteria Amendments; Revises Belfius' Pandbrieven Outlook', dated 28 March 2014) and reflect Fitch's view that a potential downgrade of the bank's IDR may not be entirely compensated by the IDR uplift of 1.RATING SENSITIVITIESThe Pandbrieven's 'AAA' rating is vulnerable to downgrade if any of the following occurs: (i) Belfius Bank's IDR was downgraded by two notches to 'BBB'; (ii) the current D-Cap of 4 (moderate) is revised down to 2 (high) or lower; (iii) the OC drops below Fitch's breakeven level of 26% for the 'AAA' rating.Contact:Primary AnalystWill RossiterDirector+33 1 4429 9147Fitch Ratings S.A.S.60 rue de Monceau75008 ParisSecondary AnalystFrancois Le RoyAnalyst+33 1 4429 9175Committee ChairpersonEmmanuelle RicordeauSenior Director+33 1 4429 9148Media Relations: Christian Giesen, Frankfurt am Main, Tel: +49 69 768076 232, Email: christian.giesen@fitchratings.com.Additional information is available at 
  www.fitchratings.com.
 Applicable criteria, 'Covered Bonds Rating Criteria', dated 10 March 2014; 'Counterparty Criteria for Structured Finance and Covered Bonds' and 'Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum', both dated 13 May 2013; 'EMEA RMBS Master Rating Criteria', dated 6 June 2013; 'EMEA Criteria Addendum - Belgium, dated 21 June 2013; 'Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds', dated 23 January 2014; 'Covered Bonds Rating Criteria - Mortgage Liquidity and Refinancing Stress Addendum', rated 4 February 2014, are available at 
  www.fitchratings.com.
 Applicable Criteria and Related Research: Covered Bonds Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=738975
 Counterparty Criteria for Structured Finance and Covered Bonds
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155
 Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707156
 EMEA RMBS Master Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709893
 EMEA Criteria Addendum - Belgium
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710576
 Criteria for Interest Rate Stresses in Structured Finance Transactions
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=695535
 Covered Bonds Rating Criteria - Mortgage Liquidity and Refinance Stress Addendum
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709665
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=827071
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