On Dec. 2, 2008, Standard&Poor's Ratings Services affirmed its 'A/A-1' counterparty credit ratings on Netherlands-based F. van Lanschot Bankiers N.V. (Van Lanschot). The outlook remains stable. This follows Van Lanschot's announcement on Dec. 1, 2008, of its €150 million preference share issue and material one-off items, which will depress net income to about €30 million in 2008, compared with €215 million in 2007. The ratings on Van Lanschot reflect its conservative management and solid asset quality, together with a sound capital base and strong funding position. Its modest size in a competitive banking segment and the significant proportion of its earnings which are dependant on conditions in financial markets offset these factors. Van Lanschot provides a range of
