On Sept. 24, 2007, Standard&Poor's Ratings Services affirmed its 'A-/A-2' long- and short-term counterparty credit ratings on Netherlands-based NIBC Bank N.V. (NIBC). At the same time, the long-term counterparty credit rating was removed from CreditWatch where it had been placed with negative implications on Aug. 9, 2007. The outlook is negative. This follows a review of NIBC's business position, first-half 2007 results, expectations for the full financial year, and the bank's acquisition by Iceland-based Kaupthing Bank h.f. (Kaupthing; not rated). Potential reported P&L volatility has been significantly reduced through the sale of part of its U.S. ABS portfolio to a consortium of investors led by JC Flowers&Co. LLC (not rated)--NIBC's current owners--and other actions have been
