Amid the difficult economic environment in The Netherlands, we expect F. Van Lanschot Bankiers' operating performance to remain under pressure in 2013 and, to a lesser extent, 2014. We are therefore revising our outlook on the bank to negative from stable, and affirming the 'BBB+/A-2' ratings. The negative outlook reflects our view that asset quality pressure and constrained pre-impairment earnings could continue to hamper the bank's profitability. On March 15, 2013, Standard&Poor's Ratings Services revised its outlook on Dutch private bank F. Van Lanschot Bankiers N.V. to negative from stable. At the same time, we affirmed the 'BBB+/A-2' long- and short-term counterparty credit ratings on the bank. The outlook revision reflects the ongoing impact of the difficult economic
