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Rating Action:

Moody's confirms NIBC Bank's hybrid securities ratings

26 Feb 2010

Approximately $444 million of outstanding hybrids

Paris, February 26, 2010 -- Moody's Investors Service confirmed its ratings on NIBC Bank hybrid securities which are in line with its revised Guidelines for Rating Bank Hybrids and Subordinated Debt published in November 2009. Moody's confirmed NIBC Bank's perpetual debt securities cumulative - through Alternative Coupon Settlement Mechanism (ACSM) - at Ba1. This concludes the review for possible downgrade that began on November 18, 2009. The outlook on all long-term ratings' as well as on the Bank Financial Strength Rating (BFSR) for NIBC Bank remains negative.

Prior to the global financial crisis, Moody's had incorporated into its ratings an assumption that support provided by national governments and central banks to shore up a troubled bank would, to some extent, benefit the subordinated debt holders as well as the senior creditors. The systemic support for these instruments has not been forthcoming in many cases. The revised methodology largely removes previous assumptions of systemic support, resulting in today's rating action. In addition, the revised methodology generally widens the notching on a hybrid's rating that is based on the instrument's features.

RATING ACTION IN DETAIL

The starting point in Moody's revised approach to rating hybrid securities is the Adjusted Baseline Credit Assessment (Adjusted BCA). The Adjusted BCA reflects the bank's standalone credit strength, including parental and/or cooperative support, if applicable. The Adjusted BCA excludes systemic support.

The Adjusted BCA is Baa2 for NIBC Bank is the same as the BCA since no parental and/or cooperative support are applicable. The adjusted BCA is also the same as the long-term deposit and debt rating since NIBC Bank does not benefit from systemic support under Moody's analysis. Moody's new methodology on hybrids therefore does not have any impact on NIBC Bank's hybrid securities' ratings.

The perpetual debt securities issued by NIBC Bank were confirmed at Ba1. The two notches differential with the Adjusted BCA reflects the instrument's deeply subordinated claim in liquidation and coupon deferral mechanism, which is optional subject to a dividend pusher. Moody's adds that unpaid coupons are cumulative and must be settled through an alternative coupon settlement mechanism (ACSM). The outlook on the perpetual debt securities is negative.

The following ratings have been confirmed and assigned a negative outlook:

- NIBC Bank N.V -- USD 128 million 5.817 % Perpetual Debt Securities (ISIN: US62914EAA29) at Ba1

- NIBC Bank N.V -- USD 149 million 7.625% Fixed Rate Preferred Securities (ISIN XS0269908074) at Ba1

- NIBC Bank N.V -- USD 100 million Perpetual Debt Securities (ISIN XS0215294512) at Ba1

- NIBC Bank N.V -- EUR 50 million Perpetual Debt Securities (ISIN XS0249580357) at Ba1

PREVIOUS RATING ACTIONS AND MOODY'S METHODOLOGIES

Moody's published on 25 February 2010 a press release correcting the misclassification of two securities issued by NIBC Bank. The securities, initially rated as junior subordinated securities, were reclassified as preferred stocks and rated Ba1.

The previous rating action on NIBC Bank was on 18 November 2009, when Moody's placed NIBC's Bank Ba1 preferred securities and Baa3 junior subordinated ratings on review for possible downgrade.

The principal methodologies used in rating NIBC Bank were Moody's "Bank Financial Strength Ratings: Global Methodology", published in February 2007, and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", published in March 2007, Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt published November 17, 2009, which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Please visit www.moodys.com to access the following documents for additional information:

Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt -- November 17, 2009

Frequently Asked Questions: Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt -- November 17, 2009

Headquartered in The Hague, The Netherlands, NIBC Bank had total assets of EUR29.7 billion and reported shareholders' equity (including minority interests) of EUR1.6 billion as of 30 June 2009.

Paris
Virginie Merlin
Vice President - Senior Analyst
Financial Institutions Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt
Carola Schuler
Managing Director
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's confirms NIBC Bank's hybrid securities ratings
No Related Data.
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