Netherlands-based NIBC Bank N.V. has undergone a gradual recovery in its core revenue base and a material reduction in overall impairments since mid-2009. We are therefore revising our outlook to stable from negative and affirming our 'BBB/A-2' counterparty credit ratings on the bank. The stable outlook reflects our opinion of reducing downside risk in the bank's exposures and improved earnings prospects, although we expect earnings generation to remain moderate in 2011. On June 27, 2011, Standard&Poor's Ratings Services revised its outlook on Netherlands-based NIBC Bank N.V. to stable from negative. At the same time, we affirmed the 'BBB/A-2' long- and short-term counterparty credit ratings. The outlook revision primarily reflects our view of decreasing downside risk to asset quality
