Summary: ABN AMRO Bank N.V. Oct 10
Standard & Poors, October 2010
Abstract
The ratings on Dutch bank ABN AMRO Bank N.V. (ABN AMRO), which completed its merger with Fortis Bank Nederland N.V. (FBN) on July 1, 2010, principally reflect Standard & Poor's Ratings Services' view of the bank's full ownership by The Netherlands, combined with its good market position in Dutch banking, moderate credit risk profile, and sound capital position. However, we believe that the merger's execution risk and the likelihood that profitability and funding will remain mediocre in the coming years are weaknesses for the ratings. The ratings incorporate two notches of uplift for potential extraordinary support above our assessment of ABN AMRO's stand-alone credit profile (SACP), in line with our expectation that the Dutch state would provide support if needed....
Companies mentioned in this report are:
- ABN AMRO Bank N.V.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- ABN AMRO Bank N.V.
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