Sound capitalization. Good management capabilities and clear strategic focus. Continued increase in retail deposit base. Moderate scale of franchise. Elevated – albeit decreasing – reliance on wholesale funding. Despite improvements, track record of volatile profitability. Standard&Poor's Ratings Services' negative outlook on Dutch NIBC Bank N.V. reflects the possibility that we could lower the ratings on NIBC if we were to take a more negative view of the economic environment in which Dutch institutions operate, in the absence of offsetting considerations specific to NIBC. Although we recognize the clouded economic backdrop, we expect that the bank should be able to maintain broadly stable capital and risk positions, while continuing to rebalance its funding profile. We could lower the ratings
