We observe a weakening economic backdrop in The Netherlands, in conjunction with incremental deterioration in the European economic outlook. In our view, this poses a risk for Dutch banks such as NIBC Bank. We are revising our outlook on the bank to negative from stable and affirming our 'BBB-/A-3' ratings. The negative outlook reflects the possibility that we could lower the ratings on the bank if we were to take a more negative view of the economic environment in which Dutch institutions operate, in the absence of offsetting bank-specific considerations. On Oct. 4, 2012, Standard&Poor's Ratings Services revised its outlook on Netherlands-based NIBC Bank N.V. (NIBC) to negative from stable. At the same time, we affirmed the 'BBB-/A-3'
