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Bank Nederlandse Gemeenten (BNG) Jul 04
Standard & Poors, July 2004
Abstract
50% ownership by the State of The Netherlands; Leading lender to Dutch public authorities, supporting excellent asset quality; Strong capital base, benefiting from low-risk lending portfolio; and Low cost base. Low margins from new business; Profitability stable, but low by international standards; Financials to be impacted by removal of corporate tax exemption in 2005. 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 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%...
Companies mentioned in this report are: Bank Nederlandse Gemeenten N.V.,Netherlands (The) (State of) (Unsolicited Ratings),De Nederlandsche Bank,Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden 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.
Research Type: Full Analysis
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