Research Update: Nederlandse Waterschapsbank N.V. 'AAA' Long-Term Rating Placed On CreditWatch Negative Following Sovereign Action Dec 11
- Language: English
- Published: December 2011
The ratings on Nederlandse Waterschapsbank N.V. (NWB) are based on the implicit support the bank receives from the Dutch Ministry of Finance, which provides a two-notch ratings differential from NWB's stand-alone credit strength under Standard & Poor's Ratings Services' government-related entity (GRE) methodology. The ratings on NWB are also supported by the bank's extremely low credit risk, resulting from its strict public sector lending mandate; strong capital ratios; exceptionally low cost base; and consistent strategy. The amount of uplift NWB currently receives is constrained by its high stand-alone creditworthiness; there is scope for further notching of support to be factored into the credit rating on NWB. NWB's its Articles of Association restrict its ownership and activities to the public sector....
Companies mentioned in this report are:
- Nederlandse Waterschapsbank N.V.
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