Earnings for Netherlands-based bank, F. van Lanschot Bankiers, are falling due to a slowdown in financial markets activity, clients' weak investment appetite, and lower interest rates. We believe the pressure will increase in 2009, partly as a result of one-time impairment charges. We are revising to negative from stable our outlook on the ratings on the bank. We are affirming the 'A/A-1' ratings. On June 18, 2009, Standard&Poor's Ratings Services revised its outlook on Netherland-based F. van Lanschot Bankiers N.V. (Van Lanschot) to negative from stable, because we believe that negative pressures on the bank's earnings will continue increasing in 2009. At the same time, we affirmed the 'A' long-term and 'A-1' short-term counterparty credit ratings on the
