Despite Netherlands government measures to contain the COVID-19 pandemic, the economy faces an unprecedented challenge and there are substantial downside risks. We expect the decline in markets, and COVID-19-pandemic-related weaker economic outlook, to affect Van Lanschot Kempen Wealth Management's (VLKWM) profitability and asset quality. On April 23, 2020, we therefore revised the outlook on VLKWM to negative from stable and affirmed our 'BBB+/A-2' issuer credit ratings. The negative outlook reflects weakened short-term earnings prospects and asset-quality risks. As announced on Aril 23, 2020, S&P Global Ratings revised its outlook on Van Lanschot Kempen Wealth Management NV (VLKWM) to negative from stable. At the same time, we affirmed our 'BBB+/A-2' long- and short-term issuer credit ratings. The rating action on April
