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BULLETIN: NIB Capital Bank Losses In Derivatives Venture Will Not Affect Ratings May 05
Standard & Poors, May 2005
Abstract
LONDON (Standard & Poor's) May 17, 2005--Standard & Poor's Ratings Services said today that the announcement by NIB Capital Bank N.V. (NIB; A+/Stable/A-1) of -28 million of first-quarter losses attributable to its share of NIB Petercam Derivatives (NPD)--a 50/50 joint venture with Petercam NV (not rated)--will not affect the ratings or outlook on NIB. The losses, which were disclosed with NIB's first-quarter results, reflect negatively on NIB's risk appetite and management, and Standard & Poor's will reinforce the surveillance of the bank in this area, while monitoring further losses and costs in NPD, which will be wound down. NIB's first-quarter post-tax profit of -80 million--before the -28 million nonrecurring result--compares well with that in the first quarter of 2004 (-50...
Companies mentioned in this report are: NIBC Bank N.V.
Action: Bulletin
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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