Research Update: ABN AMRO Long-Term Rating Raised To 'A+' On Bank Criteria Change; On CreditWatch Negative On Sovereign Rating Action Dec 11
- Language: English
- Published: December 2011
The ratings on ABN AMRO reflect our view of its good market position in Dutch banking, moderate credit risk profile, and sound capital position, combined with potential extraordinary support from the Dutch state. The ratings continue to be penalized by some execution risk linked to the integration of Fortis Bank Nederland N.V. (FBN), with which ABN AMRO merged on July 2010, and lower-than-peer profitability and business and geographic diversification. The one notch of uplift above our assessment of ABN AMRO's stand-alone credit profile (SACP) reflects our expectation that the Dutch state would provide extraordinary support if needed, in particular during the transition period of the integration with FBN. We consider that ABN AMRO has high systemic importance in The Netherlands,...
Companies mentioned in this report are:
- ABN AMRO Bank N.V.
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. SHOW LESS READ MORE >