Dutch F. van Lanschot Bankiers' Conditional Pass-Through Covered Bond Program And First Issuance Assigned 'AAA' Rating

OVERVIEW We have assigned 'AAA' ratings to the conditional pass-through covered bond program and the first series issued under it by the Netherlands-based F. van Lanschot Bankiers. The covered bond program features a conditional pass-through payment obligation structure, which mitigates asset and liability mismatch risk. The covered bond, which is privately placed, has a limited outstanding principal of only €1 million and is backed by a €77 million portfolio of Dutch mortgages. MADRID (Standard&Poor's) March 3, 2015--Standard&Poor's Ratings Services today assigned its 'AAA' credit ratings to the conditional pass-through covered bond program and the first series issued under it by the Netherlands-based F. van Lanschot Bankiers N.V. Asset-liability mismatch risk in this program is structurally mitigated

...OVERVIEW + We have assigned '###' ratings to the conditional pass-through covered bond program and the first series issued under it by the Netherlands-based F. van Lanschot Bankiers. + The covered bond program features a conditional pass-through payment obligation structure, which mitigates asset and liability mismatch risk. + The covered bond, which is privately placed, has a limited outstanding principal of only 1 million and is backed by a 77 million portfolio of Dutch mortgages. MADRID (Standard & Poor's) March 3, 2015--Standard & Poor's Ratings Services today assigned its '###' credit ratings to the conditional pass-through covered bond program and the first series issued under it by the Netherlands-based F. van Lanschot Bankiers N.V. Asset-liability mismatch risk in this program is structurally mitigated because, in the event of an issuer bankruptcy and materialization of certain additional trigger events, the initially scheduled principal bullet payment obligations on the covered...

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