The ratings on Netherlands-based NIBC Bank N.V. (NIBC Bank) reflect its strong capital base and its sound asset quality. Offsetting these factors are NIBC Bank's specialized and limited franchise, and an expected degree of earnings volatility given the nature of its operations. NIBC Bank is a wholesale bank specialized in providing corporate finance, risk management, and structured investment solutions to corporates, financial institutions, institutional investors, and family offices. NIBC Holding N.V. (NIBC; not rated) is the holding company for NIBC Bank, which is its main operating entity. At Dec. 31, 2006, the group had consolidated total assets of €32.6 billion. NIBC Bank has a strong capital base with a Tier-1 ratio of 12.3% at Dec. 31, 2006. Core capital, as
