(The following statement was released by the rating agency)
PARIS, September 14 (Fitch) Fitch Ratings has affirmed AXA Bank
Europe SCF's
EUR4.15bn obligations foncieres (OF, French legislative covered
bonds) at 'AAA'.
The Outlook is Stable.
KEY RATING DRIVERS
The breakeven overcollateralisation (OC) for the 'AAA' rating of
the OF is
unchanged at 5%. This is driven by an asset disposal loss
component of 7.3%,
which reflects maturity mismatches between the assets and the
liabilities and
the h
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