We are lowering our long-term counterparty credit rating on Netherlands-based NIBC Bank to 'BBB' from 'BBB+'. In our opinion, the probability that NIBC Bank will report a loss in 2009 has increased, because of deteriorated asset quality and pressure on net interest income. We are affirming the 'A-2' short-term rating due to improvement in liquidity indicators and the maintenance of very cautious liquidity management. The negative outlook reflects the possibility that profitability and asset quality could deteriorate further than we expect and weaken the bank's strong capital base. On Sept. 24, 2009, Standard&Poor's Ratings Services lowered its long-term counterparty credit rating on Netherlands-based NIBC Bank N.V. to 'BBB' from 'BBB+' and affirmed the 'A-2' short-term rating. We removed
