The risk of coupon deferral for Netherlands-based NIBC Bank N.V.'s hybrids has decreased in our view, illustrated by the resumption of ordinary dividends. We observe that the bank's performance has started to recover since mid-2009, but consider that pressure points remain in some of its markets. We are raising our ratings on the bank's hybrids to 'BB' from 'BB-' and are affirming our 'BBB' long-term and 'A-2' short-term counterparty credit ratings. The negative outlook reflects our view that recovery is still hesitant in some of the bank's operating segments, although we believe that downside risk is gradually subsiding. On Sept. 23, 2010, Standard&Poor's Ratings Services raised the ratings on Netherlands-based NIBC Bank N.V.'s hybrid instruments to 'BB' from
