NIBC Bank N.V. Soft-Bullet Dutch Covered Bond Program Assigned 'AAA' Rating; Outlook Stable

We assigned our 'AAA' ratings to the mortgage soft-bullet covered bond program and first issuance of Netherlands-based NIBC Bank N.V. Our ratings reflect our review of the program under our covered bonds criteria and the fact that available credit enhancement exceeds the required credit enhancement for a 'AAA' rating. The stable outlook reflects the two unused notches of rating uplift that benefit the program. MILAN (S&P Global Ratings) June 16, 2022--S&P Global Ratings today assigned its 'AAA' credit ratings to the soft-bullet covered bond program and inaugural issuance from NIBC Bank N.V. (NIBC Bank). Our covered bond ratings process follows the methodology and assumptions outlined in "Covered Bonds Criteria," published on Dec. 9, 2014 and "Covered Bond Ratings Framework: Methodology

...- We assigned our '###' ratings to the mortgage soft-bullet covered bond program and first issuance of Netherlands-based NIBC Bank N.V. - Our ratings reflect our review of the program under our covered bonds criteria and the fact that available credit enhancement exceeds the required credit enhancement for a '###' rating. - The stable outlook reflects the two unused notches of rating uplift that benefit the program. MILAN (S&P Global Ratings) June 16, 2022--S&P Global Ratings today assigned its '###' credit ratings to the soft-bullet covered bond program and inaugural issuance from NIBC Bank N.V. (NIBC Bank). Our covered bond ratings process follows the methodology and assumptions outlined in "Covered Bonds Criteria," published on Dec. 9, 2014 and "Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015. From our analysis of NIBC Bank's transaction documents, together with the Dutch legal and regulatory framework, we have concluded that the assets in the...

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