LONDON (Standard&Poor's) March 18, 2008--Standard&Poor's Ratings Services said today that it lowered the long-term counterparty credit rating on Netherlands-based NIBC Bank N.V. (NIBC) to 'BBB+' from 'A-'. At the same time, the long-term counterparty credit rating was removed from CreditWatch where it had been placed with negative implications on Jan. 31, 2008. Furthermore, the 'A-2' short-term rating was affirmed. The outlook is stable. "This action follows a full review of NIBC's strategy, business position, and funding plans, following the cancellation of the acquisition of NIBC by Kaupthing Bank h.f. (not rated) in late January 2008, and ongoing credit market turbulence," said Standard&Poor's credit analyst Claire Curtin. Following discussions with management, Standard&Poor's understands
