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

We assigned our preliminary 'AAA' ratings to the mortgage soft-bullet covered bond program and first issuance of Netherlands-based NIBC Bank N.V. Our preliminary 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 that we expect the program to benefit from two unused notches of rating uplift. MILAN (S&P Global Ratings) June 7, 2022--S&P Global Ratings today assigned its preliminary '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

...- We assigned our preliminary '###' ratings to the mortgage soft-bullet covered bond program and first issuance of Netherlands-based NIBC Bank N.V. - Our preliminary 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 that we expect the program to benefit from two unused notches of rating uplift. MILAN (S&P Global Ratings) June 7, 2022--S&P Global Ratings today assigned its preliminary '###' 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,...

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