In our view, the Dutch banking industry should benefit moderately from the domestic economy's gradual exit from a protracted correction phase. We consider that improving conditions in the housing market illustrate this trend, despite the still-weak commercial property market. In our view, the trend in domestic economic risk for Dutch banks is now stable. We are therefore affirming our ratings and revising the outlook to stable from negative on NIBC Bank N.V. The stable outlook reflects out assumption that NIBC will maintain robust capitalization by our measures, and that the likely pick up in its business activity will be at least matched by deposit growth. On Nov. 4, 2014, Standard&Poor's Ratings Services revised to stable from negative its
