We have placed our 'BBB+/A-2' counterparty credit ratings on Netherlands-based NIBC Bank N.V. on CreditWatch with negative implications. The bank's capital position is strong, and the funding position and franchise are not short-term concerns. The resolution of the CreditWatch placement will follow a review of the bank's mid-term earnings prospects. The negative implications reflect profitability and asset quality concerns. On Aug. 18, 2009, Standard&Poor's Ratings Services placed its 'BBB+/A-2' counterparty credit ratings on Netherlands-based NIBC Bank N.V. (NIBC) on CreditWatch with negative implications. The CreditWatch placement reflects the potential of a downgrade due to weaker-than-expected profitability and asset quality. After a moderate first quarter, NIBC just broke even in the second quarter of 2009 due to lower revenues--in
