LONDON (Standard&Poor's) May 17, 2005--Standard&Poor's Ratings Services said today that the announcement by NIB Capital Bank N.V. (NIB; A+/Stable/A-1) of €28 million of first-quarter losses attributable to its share of NIB Petercam Derivatives (NPD)--a 50/50 joint venture with Petercam NV (not rated)--will not affect the ratings or outlook on NIB. The losses, which were disclosed with NIB's first-quarter results, reflect negatively on NIB's risk appetite and management, and Standard&Poor's will reinforce the surveillance of the bank in this area, while monitoring further losses and costs in NPD, which will be wound down. NIB's first-quarter post-tax profit of €80 million--before the €28 million nonrecurring result--compares well with that in the first quarter of 2004 (€50
