NIBC Bank N.V.

Strong capitalization. Focused strategy and long-standing sector expertise. Continued increase in customer deposits. Niche corporate banking and mortgage franchises. Elevated--albeit decreasing--reliance on wholesale funding. Less predictable earnings than other Dutch banks. Standard&Poor's Ratings Services' outlook on Dutch NIBC Bank N.V. is stable. We assume that NIBC will maintain robust capitalization by our measures, and that the likely pick-up in business activity will be at least matched by deposit growth. We could lower the ratings if we saw a deterioration in the bank's hitherto resilient asset quality or if its risk appetite evolved into that which we no longer consider consistent with an "adequate" risk position. This scenario could be relevant, in particular, if our forecast for our risk-adjusted

...Outlook: Stable Standard & Poor's Ratings Services' outlook on Dutch NIBC Bank N.V. is stable. We assume that NIBC will maintain robust capitalization by our measures, and that the likely pick-up in business activity will be at least matched by deposit growth. We could lower the ratings if we saw a deterioration in the bank's hitherto resilient asset quality or if its risk appetite evolved into that which we no longer consider consistent with an "adequate" risk position. This scenario could be relevant, in particular, if our forecast for our risk-adjusted capital (RAC) ratio is very close to our 10% threshold for a "strong" capital and earnings assessment. We could raise the ratings if we observe a substantial improvement in earnings without an associated increase in risk appetite, combined with a stable economic backdrop in its chosen markets. In particular, if our confidence in the predictability of NIBC's revenues increased we could revise our business position assessment to "moderate"...

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