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Bank Nederlandse Gemeenten (BNG) Jul 03
Standard & Poors, July 2003
Abstract
The ratings on Bank Nederlandse Gemeenten (BNG) are based on the bank's 50% ownership by the Dutch State (AAA/Stable/A-1+), and its status as the leading lender to Dutch municipal authorities. The ratings on BNG are also supported by its excellent asset quality, strong capitalization, satisfactory profitability, and a low cost base. Although BNG's obligations do not carry a state guarantee, the bank has substantial support from the 50% ownership of the Dutch State. Dutch municipalities and provinces own the remaining shares in the bank. Nevertheless, state support remains implicit and dependent upon circumstances. Standard & Poor's expects BNG's status to be reviewed periodically by its owners. BNG's long-term strategy is to remain focused on Dutch public authorities, which Standard &...
Companies mentioned in this report are: Bank Nederlandse Gemeenten N.V.,Netherlands (The) (State of) (Unsolicited Ratings)
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.
Research Type: Full Analysis
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