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Bank Nederlandse Gemeenten (BNG) Jul 05
Standard & Poors, July 2005
Abstract
Fifty percent owned 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; Stable profitability, but low by international standards; and Financials will be negatively affected by the 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 public authorities. The ratings are also supported by its excellent asset quality, strong capitalization, satisfactory profitability, and low cost base. With total assets of -88.6 billion at Dec. 31, 2004, BNG is the Netherlands'...
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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