Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's assigns Counterparty Risk Ratings to 19 banks in the Benelux

22 Jun 2018

Ratings are assigned following 6 June 2018 update to Moody's Banks rating methodology

London, 22 June 2018 -- Moody's Investors Service today assigned Counterparty Risk Ratings to 19 banks and their branches and subsidiaries in the Benelux region: ABN AMRO Bank N.V. (ABN AMRO), Axa Bank Belgium (ABB), Banque et Caisse d'Epargne de l'Etat (BCEE), Belfius Bank SA/NV (Belfius), BGL BNP Paribas (BGL), Banque Internationale a Luxembourg (BIL), BNP Paribas Fortis SA/NV (BNPPF), China Construction Bank (Europe) S.A. (CCB Europe), Credit Europe Bank N.V. (CEB NV), De Volksbank N.V. (De Volksbank), Demir-Halk Bank (Nederland) N.V. (DHB), GarantiBank International N.V. (GBI), ING Bank N.V. (ING), ING Belgium SA/NV (ING Belgium), LeasePlan Corporation N.V. (LeasePlan), N.V. Bank Nederlandse Gemeenten (BNG Bank), Nederlandse Waterschapsbank N.V. (NWB Bank), NIBC Bank N.V. (NIBC) and Rabobank.

Moody's Counterparty Risk Ratings (CRRs) are opinions of the ability of entities to honor the uncollateralized portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honored. CRR liabilities typically relate to transactions with unrelated parties. Examples of CRR liabilities include the uncollateralized portion of payables arising from derivatives transactions and the uncollateralized portion of liabilities under sale and repurchase agreements. CRRs are not applicable to funding commitments or other obligations associated with covered bonds, letters of credit, guarantees, servicer and trustee obligations, and other similar obligations that arise from a bank performing its essential operating functions.

A full list of affected ratings is provided towards the end of this press release.

RATINGS RATIONALE

In assigning CRRs to the banks subject to this rating action, Moody's starts with the banks' adjusted Baseline Credit Assessments (BCAs) and uses the agency's existing advanced Loss Given Failure (LGF) approach that takes into account the level of subordination to CRR liabilities in the bank's balance sheet, and assumes a nominal volume of such liabilities. In addition, where applicable, Moody's has incorporated the likelihood of government support for CRR liabilities.

As a result, of the CRRs assigned to the 19 banks, the CRRs of 12 banks (ABN AMRO, BCEE, Belfius, BGL, BIL, BNPPF, CCB Europe, ING, ING Belgium, BNG Bank, NWB Bank, Rabobank) are four notches higher than their respective adjusted BCAs, the CRRs of five banks (CEB NV, De Volksbank, GBI, LeasePlan, NIBC) are three notches higher, the CRR of one bank (ABB) is two notches higher and the CRR of one bank (DHB) is one notch higher.

Although most if not all of the 17 banks whose CRRs receive four or three notches of uplift from their adjusted BCAs are likely to have more than a nominal volume of CRR liabilities at failure, this has no impact on the ratings because the significant level of subordination below the CRR liabilities at each of the 17 banks already provides the maximum amount of uplift allowed under Moody's rating methodology.

In all cases the CRRs assigned are equal to or higher than the rated banks' senior debt and deposit ratings. This reflects Moody's view that secured counterparties to banks typically benefit from greater protections under insolvency laws and bank resolution regimes than do senior unsecured creditors, and that this benefit is likely to extend to the unsecured portion of such secured transactions in most bank resolution regimes. Moody's believes that in many cases regulators will use their discretion to allow a bank in resolution to continue to honor its CRR liabilities or to transfer those liabilities to another party who will honor them, in part because of the greater complexity of bailing in obligations that fluctuate with market prices, and also because the regulator will typically seek to preserve much of the bank's operations as a going concern in order to maximize the value of the bank in resolution, stabilize the bank quickly, and avoid contagion within the banking system. CRR liabilities at these banks therefore benefit from the subordination provided by more junior liabilities, with the extent of the uplift of the CRR from the adjusted BCA depending on the amount of subordination.

WHAT COULD CHANGE THE RATING UP/DOWN

ABN AMRO Bank N.V.

An upgrade of ABN AMRO's CRR could occur if the bank's adjusted BCA were upgraded as a result of a material improvement in its leverage ratio (regulatory leverage ratio of 4.3% at year-end 2017).

The bank's CRR could be downgraded if its adjusted BCA were downgraded as a result of (1) a significant deterioration in the bank's asset quality and profitability; or (2) a negative development in its liquidity; or (3) if Moody's assessment of the bank's capital adequacy relative to its risks deteriorated.

Axa Bank Belgium

An upgrade of ABB's CRR is unlikely given the negative pressure on its adjusted BCA resulting from the negative outlook assigned to the senior unsecured debt rating of its parent AXA (LT senior unsecured A2 negative).

ABB's CRR could be downgraded if its adjusted BCA were downgraded in the event of a downgrade of AXA's senior unsecured debt rating or if Moody's were to consider a lower probability of parental support to be extended to the bank in case of need.

Banque et Caisse d'Epargne de l'Etat

As BCEE's CRR already benefits from the maximum LGF uplift under Moody's rating methodology, it could only be upgraded as a result of an upgrade of its adjusted BCA, which is unlikely at present.

A downgrade of the bank's CRR could result from (1) a downgrade of the BCA and (2) higher loss-given-failure for CRR obligations due to lower subordination protecting these liabilities. A downgrade of the bank's BCA could result from (1) a deterioration in the quality of BCEE's loan portfolio and securities investments, notably through an increase in riskier investments; or (2) a decrease in net profitability, owing to lower net interest margins in a prolonged low interest rate environment and higher operating costs. More generally, the BCA could be downgraded following a weakening of the bank's franchise in Luxembourg or a substantial increase in borrower concentrations.

Belfius Bank SA/NV

Belfius' CRR could be upgraded as a result of an upgrade of its adjusted BCA. The bank's adjusted BCA would likely be upgraded if risk concentrations in its loan and investment portfolios were to be further reduced, its profit growth acceleration were confirmed or its capital position continues to strengthen above the current expectations.

A downgrade of Belfius' CRR is unlikely over the outlook horizon, as reflected in the positive outlook on its long-term deposit and senior unsecured debt ratings. However, Belfius' adjusted BCA, and hence its CRR, could be downgraded as a result of unexpected losses arising from its investment or loan book.

BGL BNP Paribas

BGL's CRR could be upgraded if its adjusted BCA were upgraded. BGL's BCA and adjusted BCA are already one notch above those of its parent BNP Paribas (BNPP; LT deposit Aa3 stable, LT senior unsecured Aa3 stable, BCA baa1) and it is therefore unlikely to further increase absent any improvement in BNPP's own BCA. In such a scenario, BGL's adjusted BCA could be upgraded as a result of a strengthening of its asset quality and/or an improvement of its profitability.

BGL's CRR could be downgraded if its adjusted BCA were downgraded in the event the bank suffers significant asset-quality deterioration or if its parent were to transfer activities that would alter the risk profile of BGL. The bank's CRR could also be downgraded as a result of higher loss-given-failure due to a material reduction in liabilities subordinated to the CRR obligations.

N.V. Bank Nederlandse Gemeenten

An upgrade of the BNG Bank's BCA will not trigger any upgrade of the bank's CRR which is already Aaa.

A multi-notch downgrade of the bank's BCA could result in a downgrade of its CRR. The CRR will likely not be affected by a one notch downgrade of the BCA, because this would likely be offset by government support.

Downward pressure on BNG Bank's BCA could result from (1) a deterioration in the creditworthiness of the Dutch public sector; (2) a significant increase in the bank's risk weighted assets; (3) a significant increase in its funding gaps; or (4) a deterioration in its solvency.

Banque Internationale a Luxembourg

BIL's CRR could be upgraded if its adjusted BCA were upgraded. The bank's adjusted BCA could be upgraded if it improved its profitability or asset risk, or both, while maintaining its capital base, or if the uncertainties stemming from the bank's recent acquisition by a new shareholder abated.

BIL's CRR could be downgraded if its adjusted BCA were downgraded. BIL's adjusted BCA could be downgraded as a result of (1) a deterioration in its profitability that may result from difficulties in implementing its commercial strategy; or (2) material losses stemming from the bank's investment portfolio and loan book in a less benign macroeconomic environment.

Credit Europe Bank N.V.

CEB NV's CRR is on review for upgrade as a result of the current review for upgrade on the bank's BCA. The bank's BCA and consequently its long-term deposit rating and CRR, all currently on review for upgrade, could be upgraded on the sale of Credit Europe Bank Limited (CEBL) to CEB NV's parent Fiba Group, which is still contingent upon the approval of local regulators. The upgrade would be underpinned by stronger operating conditions in jurisdictions where CEB NV does business, which will affect the bank's asset quality and profitability.

Although unlikely at present, a downgrade of CEB NV's CRR could result from a downgrade of the bank's BCA due to higher asset risks, lower capitalisation or reduced profitability.

Demir-Halk Bank (Nederland) N.V.

DHB's CRR could be upgraded if the bank's BCA were upgraded, which could be triggered by a decrease in emerging market exposures and a sustainable improvement in profitability. In addition, DHB's CRR could be upgraded if the subordination benefiting CRR obligations were to increase, resulting in lower loss-given-failure.

DHB's CRR could be downgraded if the bank's BCA were downgraded, which could be triggered notably by (1) reduced profitability and increased earnings volatility; (2) a deterioration in operating conditions in Turkey, impacting asset quality; (3) weakening capital; or (4) an increase in related party lending.

China Construction Bank (Europe) S.A.

CCB Europe's CRR could be upgraded if its adjusted BCA were upgraded. Unless the BCA of its parent China Construction Bank Corporation's (CCB, LT deposit A1 stable, BCA baa1) BCA itself were upgraded, an upgrade of CCB Europe's ba2 BCA would be unlikely to result in an upgrade of the bank's CRR.

CCB's CRR could be downgraded if its adjusted BCA were downgraded. The bank's adjusted BCA could be downgraded as a result of a downgrade in CCB's BCA or a downgrade of its own BCA. Factors that may lead to a downgrade of CCB Europe's standalone BCA include (1) difficulties in implementing the bank's business development plan, which would result in lower-than-expected volumes of loans granted and a protracted period of negative profitability; (2) increasing asset risk resulting from higher delinquencies; and (3) a failure to attract new deposits and so diversify the bank's funding profile.

CCB's CRR could also be downgraded if Moody's were to consider that the Chinese government's support to CCB Europe would be less likely than currently expected.

De Volksbank N.V.

De Volksbank's CRR could be upgraded if (1) its adjusted BCA were upgraded owing to further strengthening of its profitability and asset risk; or (2) as a result of a decrease in loss-given-failure implied by a higher volume of subordinated liabilities to the CRR obligations.

De Volksbank's CRR could be downgraded in the event its adjusted BCA were downgraded as a result of a material deterioration of the bank's asset quality and solvency driven by an unexpected downturn in the domestic economy, or a deterioration of its liquidity profile.

GarantiBank International N.V.

An upgrade of GBI's CRR is unlikely at present as it is on review for downgrade, along with the review for downgrade on the bank's BCA caused by increased asset risks due to the bank's Turkish exposures.

A downgrade of GBI's BCA, long-term deposit ratings and CRR could result from (1) increased asset risks in relation to the bank's Turkish exposures and/or declining profitability; (2) contagion risk from Turkiye Garanti Bankasi (TGB); and/or (3) a lower probability of support from BBVA.

A downgrade of GBI's CRR could also result from a decrease in the subordination benefiting CRR obligations, resulting in higher loss-given-failure for these liabilities.

ING Bank N.V.

ING Bank's CRR could be upgraded if its adjusted BCA were upgraded as a result of (1) a material improvement in the operating environment in the EU countries to which the bank is mostly exposed, leading to substantially improved asset risk and a higher profitability level; (2) a strengthening capital position; or (3) a lower reliance on confidence-sensitive wholesale funding.

ING Bank's CRR could be downgraded if its adjusted BCA were downgraded as a result of (1) an unexpected deterioration in asset risk and profitability; or (2) a weaker-than expected capital position.

ING Belgium SA/NV

ING Belgium's CRR could be upgraded if its adjusted BCA were upgraded as a result of (1) a substantial decrease in the bank's net exposure to its parent, ING Bank, N.V. (LT deposit Aa3 stable, LT senior unsecured Aa3 stable, BCA baa1); or (2) an improvement in its parent's BCA, which currently constrains that of ING Belgium.

ING Belgium's CRR could be downgraded if its adjusted BCA is downgraded as a result of a weakening in the bank's credit profile, due for instance to (1) an unexpected deterioration of the operating environment in Belgium; or (2) a decline in profitability if the bank fails to implement its restructuring plan. ING Belgium's adjusted BCA could also be downgraded if ING Bank's BCA is downgraded.

LeasePlan Corporation N.V.

An upgrade of LeasePlan's CRR is unlikely at present because the CRR already benefits from three notches of LGF uplift, which is the maximum under Moody's rating methodology. An upgrade of LeasePlan's BCA would likely trigger a similar upgrade of the CRR, but is unlikely at present, considering that LeasePlan's owners are private equity investors who are expected to constrain capital accrual at the bank.

LeasePlan's BCA and consequently its CRR could be downgraded if the shareholders implemented a more aggressive financial policy at the bank. In addition, its ratings could be downgraded as a result of (1) the failure of risk-mitigation techniques, recurring earnings or capital resources to adequately cover higher residual value risk; (2) evidence of deterioration in the bank's liquidity and funding profiles, resulting from increased reliance on wholesale funding or worse-than-expected liquidity gaps; or (3) a structural deterioration in profitability or the diversity of income streams.

NIBC Bank N.V.

NIBC's CRR could be upgraded if its adjusted BCA were upgraded as a result of improved asset risk and profitability.

A downgrade of NIBC's CRR could result from a downgrade of its adjusted BCA driven by a deterioration in its asset quality in light of weaker credit exposures, notably to cyclical corporate sectors (for example, commercial real estate, shipping, and oil and gas). The bank's BCA could also be lowered if the liquidity or funding mix deteriorates.

Nederlandse Waterschapsbank N.V.

An upgrade of the NWB Bank's BCA would not trigger any upgrade of the bank's CRR which is already Aaa.

A multi-notch downgrade of the bank's BCA could result in a downgrade of its CRR. The CRR will likely not be affected by a one notch downgrade of the BCA, because this would likely be offset by government support.

Downward pressure on NWB Bank's BCA could result from (1) a deterioration in the creditworthiness of the Dutch public sector; (2) a significant increase in the bank's risk-weighted assets; (3) a significant increase in its funding gaps; or (4) a significant deterioration in its solvency.

Rabobank

An upgrade of Rabobank's BCA, and consequently of the long-term CRR, could occur if (1) Rabobank improved its structural profitability beyond its current plans; (2) its capital continued to steadily increase; and (3) asset risks remained very low.

A downgrade of the bank's BCA, and consequently of the long-term CRR, could occur if (1) the bank's profitability were significantly impaired; or (2) the cost of risk in the bank's loan portfolio were to increase materially.

LIST OF AFFECTED RATINGS

Issuer: BGL BNP Paribas

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: BNP Paribas Fortis SA/NV

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: BNP Paribas Fortis, New York Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: LeasePlan Corporation N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned A3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-2

Issuer: LeasePlan Finance N.V. (DUBLIN BRANCH)

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned A3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-2

Issuer: N.V. Bank Nederlandse Gemeenten

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aaa

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Nederlandse Waterschapsbank N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aaa

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Banque et Caisse d'Epargne de l'Etat

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: ABN AMRO Bank N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: ING Bank N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: ING Bank N.V. (Singapore)

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: ING Bank N.V., Sydney Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: ING Bank N.V., Tokyo Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: ING Groenbank N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: ING Belgium SA/NV

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Belfius Bank SA/NV

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned A1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: AXA Bank Belgium

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: GarantiBank International N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned A2, Placed Under Review for Downgrade

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1, Placed Under Review for Downgrade

Issuer: Demir-Halk Bank (Nederland) N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Baa3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-3

Issuer: De Volksbank N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned A1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Banque Internationale a Luxembourg

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned A1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: China Construction Bank (Europe) S.A.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned A1

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Rabobank

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Rabobank, Australia Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Rabobank, Hong Kong Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Rabobank, New York Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Rabobank, New Zealand Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Rabobank, Paris Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Rabobank, Singapore Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: Rabobank, The Netherlands Branch

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Aa2

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-1

Issuer: NIBC Bank N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned A3

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned P-2

Issuer: Credit Europe Bank N.V.

Assignments:

....Long-term Counterparty Risk Rating (Local and Foreign Currency), Assigned Ba1, Placed Under Review for Upgrade

....Short-term Counterparty Risk Rating (Local and Foreign Currency), Assigned NP, Placed Under Review for Upgrade

The principal methodology used in these ratings was Banks published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the website.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Guillaume Lucien-Baugas
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Nicholas Hill
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
Moodys.com