In the context of tough domestic economic conditions and stiff competition, Dutch private bank F. van Lanschot Bankiers' earnings have weakened, and loan loss provisions have materially increased. Factoring in one-time impairment charges, we have revised our earnings forecast and now anticipate an enlarged net loss for 2009. We are lowering our ratings on Van Lanschot to 'A-/A-2' from 'A/A-1'. The stable outlook reflects our expectation that, although Van Lanschot's financial performance is likely to remain weak in 2009, earnings should improve in 2010. On Sept. 2, 2009, Standard&Poor's Ratings Services lowered its long- and short-term counterparty credit ratings on Netherlands-based private bank F. van Lanschot Bankiers N.V. (Van Lanschot) to 'A-/A-2' from 'A/A-1' on increased earnings pressure.
