Van Lanschot N.V. Proposed Additional Tier 1 Securities Assigned 'BB' Rating

PARIS (S&P Global Ratings) Oct. 1, 2018--S&P Global Ratings said today that it has assigned its 'BB' long-term issue rating to the proposed additional Tier 1 (AT1) perpetual capital notes to be issued by Netherlands-based Van Lanschot N.V. The rating is subject to our review of the notes' final documentation. In accordance with our criteria for hybrid capital instruments ("Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect), the 'BB' issue rating reflects our analysis of the proposed instrument and the 'BBB+' long-term issuer credit rating (ICR) on Van Lanschot. This proposed issuance is neutral for our issuer credit ratings on Van Lanschot N.V. because we see no material impact on our view

...PARIS (S&P Global Ratings) Oct. 1, 2018--S&P Global Ratings said today that it has assigned its '##' long-term issue rating to the proposed additional Tier 1 (AT1) perpetual capital notes to be issued by Netherlands-based Van Lanschot N.V. The rating is subject to our review of the notes' final documentation. In accordance with our criteria for hybrid capital instruments ("Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect), the '##' issue rating reflects our analysis of the proposed instrument and the '###+' long-term issuer credit rating (ICR) on Van Lanschot. This proposed issuance is neutral for our issuer credit ratings on Van Lanschot N.V. because we see no material impact on our view of the bank's capitalization. We note that our ICR on Van Lanschot's is the same as our stand-alone credit profile (SACP) assessment. The issue rating stands four notches below the ICR on Van Lanschot due to the following deductions:...

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