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Bank Nederlandse Gemeenten Aug 08
Standard & Poors, Aug 2008
Abstract
Its 50% ownership by the State of The Netherlands Leading lender to Dutch public authorities, supporting excellent asset quality Low cost base Comfortable capital base, even after recent capital reductions Declining profitability from low lending margins, a smaller capital base, and the removal of tax-exempt status Relatively limited diversification of income sources, with high reliance on interest income The ratings on Bank Nederlandse Gemeenten (BNG) are based on the implicit support the bank receives from the Dutch Ministry of Finance, arising from BNG's public sector mandate and part ownership by the state. This provides a two-notch ratings differential from its stand-alone credit strength under Standard & Poor's Ratings Services' government-related entity (GRE) methodology. The ratings are also supported by BNG's...
Companies mentioned in this report are: Bank Nederlandse Gemeenten N.V.,Netherlands (The) (State of) (Unsolicited Ratings),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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