On Feb. 2, 2005, Standard&Poor's Ratings Services lowered its long- and short-term counterparty credit and certificate of deposit ratings on NIB Capital Bank N.V. (NIBC) to 'A+/A-1' from 'AA-/A-1+'. The outlook is stable. The rating action follows Standard&Poor's decision to reduce its assessment of the strategic importance of NIBC to its shareholders, Stichting Pensioenfonds ABP (ABP) and Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maatschappelijke Belangen (PGGM), two major Dutch pension funds. At the same time, however, Standard&Poor's acknowledges the improvement in the bank's operating performance from its low point in 2002. NIBC has traditionally benefited from strong shareholders. The Dutch government was a majority shareholder until 1999 and, since then, ABP and PGGM
