TEXT-S&P revises Dutch NIBC Bank outlook to neg

(The following statement was released by the rating agency)

Oct 04 - Overview

-- We observe a weakening economic backdrop in The Netherlands, in conjunction with incremental deterioration in the European economic outlook.

-- In our view, this poses a risk for Dutch banks such as NIBC Bank .

-- We are revising our outlook on the bank to negative from stable and affirming our 'BBB-/A-3' ratings.

-- The negative outlook reflects the possibility that we could lower the ratings on the bank if we were to take a more negative view of the economic environment in which Dutch institutions operate, in the absence of offsetting bank-specific considerations.

Rating Action

On Oct. 4, 2012, Standard & Poor's Ratings Services revised its outlook on Netherlands-based NIBC Bank N.V. (NIBC) to negative from stable. At the same time, we affirmed the 'BBB-/A-3' long- and short-term counterparty credit ratings on the bank.