NIBC Bank N.V. Proposed Additional Tier 1 Securities Assigned 'B+' Rating

LONDON (S&P Global Ratings) Sept. 19, 2017--S&P Global Ratings said today that it has assigned its 'B+' long-term issue rating to the proposed additional Tier 1 (AT1) perpetual capital notes to be issued by The Netherlands-based NIBC Bank N.V. The rating is subject to our review of the notes' final documentation. In accordance with our criteria for hybrid capital instruments ("Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect), the 'B+' issue rating reflects our analysis of the proposed instrument and the 'BBB-' long-term issuer credit rating (ICR) on NIBC. The issue rating stands four notches below the ICR due to the following deductions: One notch because the notes are contractually subordinated; Two

...LONDON (S&P Global Ratings) Sept. 19, 2017--S&P Global Ratings said today that it has assigned its 'B+' long-term issue rating to the proposed additional Tier 1 (AT1) perpetual capital notes to be issued by The Netherlands-based NIBC Bank N.V. The rating is subject to our review of the notes' final documentation. In accordance with our criteria for hybrid capital instruments ("Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect), the 'B+' issue rating reflects our analysis of the proposed instrument and the '###-' long-term issuer credit rating (ICR) on NIBC. The issue rating stands four notches below the ICR due to the following deductions: + One notch because the notes are contractually subordinated; + Two notches reflecting the notes' discretionary coupon payments and regulatory Tier 1 capital status; and + One notch because the notes contain a contractual write-down clause. The instrument contains a regulatory...

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