A strong capital base, which provides a buffer against operating risks; and Improving earnings profile, with a focus on fee-based revenue generation. Specialized and limited franchise; and Potential volatility of earnings base due to market-driven nature of activities. The ratings on Netherlands-based NIBC Bank N.V. (NIBC Bank) reflect its strong capital base and its sound asset quality. Offsetting these factors are NIBC Bank's specialized and limited franchise, and an expected degree of earnings volatility given the nature of its operations. NIBC Bank is a wholesale bank specialized in providing corporate finance, risk management, and structured investment solutions to corporates, financial institutions, institutional investors, and family offices. NIBC Holding N.V. (NIBC; not rated) is the holding company for NIBC Bank, which
