Despite governments' measures to contain the COVID-19 pandemic, European economies, including that of The Netherlands, face an unprecedented challenge to manage the slowdown in corporate activity and global trade. In this context, we believe that NIBC Bank N.V. faces material downside risks, taking into account its high exposure to corporates and midsize enterprises, some of which operate in cyclical sectors. As such, we are revising the outlook to negative and affirming the 'BBB+/A-2' ratings. The negative outlook reflects our view that the economic contraction could impair the bank's asset quality, earnings, and capitalization beyond our current expectations. As announced on April 23, 2020, S&P Global Ratings revised its outlook on Dutch NIBC Bank N.V. to negative from stable and affirmed
