Following a review under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A-/A-2' ratings on F. van Lanschot Bankiers N.V. The outlook is stable. Our ratings on Van Lanschot reflect its moderate business position, strong capital and earnings, adequate risk position, average funding, and adequate liquidity. The long-term counterparty credit rating is in line with the stand-alone credit profile (SACP). We also raised the ratings on Van Lanschot's junior subordinated debt to 'BBB' from 'BBB-'. The stable outlook reflects our expectation that Van Lanschot should be in position to defend its niche franchise and maintain a strong capital position. As we previously announced on Dec. 8, 2011, Standard&Poor's Ratings Services affirmed
