On Aug. 9, 2007, Standard&Poor's Ratings Services placed its 'A-' long-term counterparty-credit rating on Netherlands-based NIBC Bank N.V. (NIBC) on CreditWatch with negative implications. At the same time, the 'A-2' short-term rating was affirmed. The CreditWatch placement reflects Standard&Poor's concerns about NIBC's U.S. structured credit portfolio, which is considered likely to result in poor overall financial performance in financial year 2007. Standard&Poor's will be discussing with management the subprime portfolio in more detail, its role in the firm's future strategy, and whether there is any wider impact on NIBC's business profile. This follows losses of €137 million incurred on this portfolio in the first half of 2007, mostly in the second quarter. Standard&
