Strengthening capitalization. Good management capabilities and clear strategic focus. Continued increase in retail deposit base. Moderate scale of franchise. Elevated--albeit decreasing--reliance on wholesale funding. Despite improvements, track record of volatile profitability. Standard&Poor's Ratings Services' outlook on Dutch NIBC Bank N.V. is negative, reflecting the possibility that we may lower the ratings on NIBC if the strengthening in the bank's capital position, as measured by our risk-adjusted capital (RAC) ratio, proves slower or more limited than we currently anticipate. We could lower the ratings if we no longer expect NIBC Holding's RAC ratio before adjustments to exceed 10% in the next 18-24 months. This could be triggered by a material deterioration in profitability, weaker earnings retention, or unanticipated growth
