Ownership by ABP and PGGM, two major Dutch pension funds. Although NIBC is managed independently of its owners, the current ratings contain an element of implicit support from the shareholders; NIBC's strong capital base; and NIBC's sound credit quality. Specialized and limited franchise; Expected volatility of earnings given the nature of its operations; and Significant equity risk exposure. The ratings on Netherlands-based NIB Capital Bank N.V. (NIBC) reflect the bank's ownership by two major European pension funds: Stichting Pensioenfonds ABP (ABP) and Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maatschappelijke Belangen (PGGM), its strong capital base, and its sound asset quality. Offsetting these factors are NIBC's specialized and limited franchise, a expected degree of volatility in earnings given the nature
