On June 20, 2006, Standard&Poor's Ratings Services raised its counterparty credit ratings on Netherlands-based private bank F. van Lanschot Bankiers N.V.'s (Van Lanschot) to 'A/A-1' from 'A-/A-2'. The outlook is stable. The upgrade reflects Van Lanschot's stronger business profile following the smooth integration of CenE Bankiers N.V. (CenE; not rated) over the course of 2005. The upgrade also acknowledges Van Lanschot's continuing sound financial profile and strategic focus. The ratings reflect Van Lanschot's good asset quality, improved earnings momentum, conservative financial targets, and focused strategy. The ratings also factor in Van Lanschot's still-modest market share in the competitive, but fragmented, private-banking segment in the Netherlands, and its weaker core capital position after the CenE acquisition. Standard&Poor's
