In our view, Dutch banks are exposed to the potential of a more protracted downturn in The Netherlands and the wider eurozone. We are therefore revising our economic risk score and our Banking Industry Country Risk Assessment on The Netherlands to '3' from '2'. We are affirming our 'BBB-/A-3' long- and short-term counterparty credit ratings on Netherlands-based NIBC Bank N.V. (NIBC). We expect further strengthening in the bank's capitalization to offset the moderately increased economic risks. The negative outlook reflects our view of the risk that the strengthening in the bank's capital position, as measured by our risk-adjusted capital ratio, may be slower or more limited than we currently anticipate. On Nov. 16, 2012, Standard&Poor's Ratings Services affirmed
