Dutch BNG Bank And NWB Bank Ratings Raised To 'AAA' Following Similar Action On The Netherlands; Outlooks Stable

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1 Dutch BNG Bank And NWB Bank Ratings Raised To 'AAA' Following Similar Action On The Netherlands; Primary Credit Analyst: Philippe Raposo, Paris (33) ; Secondary Contact: Nicolas Hardy, Paris (33) ; In our view, the economic recovery in The Netherlands and future growth prospects are stronger than we had previously expected. On Nov. 20, 2015, we raised our long-term sovereign credit ratings on The Netherlands to 'AAA' from 'AA+', affirmed the short-term ratings at 'A-1+', and assigned a stable outlook. We equalize our long-term ratings on Bank Nederlandse Gemeenten N.V. (BNG Bank) and Nederlandse Waterschapsbank N.V. (NWB Bank) with the long-term rating on The Netherlands because we see an almost certain likelihood of government support for these banks. Consequently, we are raising our long-term counterparty credit ratings on both BNG Bank and NWB Bank to 'AAA' from 'AA+'. The stable outlooks indicate that, as long as we see an almost certain likelihood of government support for BNG Bank and NWB Bank, any rating action on The Netherlands will likely result in a similar rating action on both banks. PARIS (Standard & Poor's) Nov. 24, Standard & Poor's Ratings Services said today that it had raised its long-term counterparty credit ratings The Netherlands-based Bank Nederlandse Gemeenten N.V. (BNG Bank) and Nederlandse Waterschapsbank N.V. (NWB Bank) to 'AAA' from 'AA+'. The outlook on each bank is stable. At the same time, we affirmed our 'A-1+' short-term counterparty credit rating on both banks. NOVEMBER 24,

2 The upgrades of BNG Bank and NWB Bank mirror a similar action on The Netherlands (unsolicited, AAA/Stable/A-1+) on Nov. 20, 2015 (see "Long-Term Ratings On The Netherlands Raised to 'AAA' On Stronger-Than-Expected Economic Growth Prospects; Outlook Stable," published Nov. 20, 2015, on RatingsDirect). The sovereign upgrade reflects our view of the strengthening of the economic recovery in The Netherlands, with domestic demand growing strongly as a result of increases in real disposable income, employment, and investment activity. We believe this recovery will continue to support the economy's sound external position, despite the emerging risks to global economic growth. We consider BNG Bank and NWB Bank to be government-related entities (GREs). In accordance with our criteria for rating GREs, we believe there is an almost certain likelihood that they would receive timely and sufficient extraordinary support from the Dutch government in the event of financial distress. As a result, we equalize the long-term ratings on BNG Bank and NWB Bank with that on The Netherlands. Our opinion of an almost certain likelihood of government support for BNG Bank and NWB Bank reflects our view of the banks': Critical role for the Dutch government through its key public policy mandate to provide low-cost financing to the public sector. In our view, in the absence of these two public-sector banks, the government would likely have to finance the public sector directly; and Integral link with the Dutch government because we consider the banks to be extensions of the government. BNG Bank and NWB Bank have articles of association limiting their ownership and lending activities to the public sector. Our assessment also factors in our view that the EU's Bank Recovery and Resolution Directive (BRRD) could, once implemented, reduce the predictability of government support for systemically important banks in the region. When it comes to Dutch-domiciled GREs, even when they are subject to the BRRD, our longstanding view is that the BRRD by itself does not appear to restrict the possibility of a government in its capacity as existing shareholder of a bank to grant support in a going-concern situation (see "Credit FAQ: The Rating Impact Of Resolution Regimes For European Banks," published April 29, 2014). Nevertheless, in a gone-concern scenario, the BRRD could well prevent the government from injecting capital into some GREs to correct an acute solvency problem without first bailing in senior liabilities. The stable outlooks on BNG Bank and NWB Bank reflect that on The Netherlands. As long as we consider support for these banks from the Dutch government to be almost certain, any reassessment of each bank's stand-alone creditworthiness would not directly affect the long-term counterparty credit rating on BNG Bank or NWB Bank. In addition, any rating action on The Netherlands would likely result in a similar rating action on BNG Bank and NWB Bank. That said, we expect the banks' financial profiles to remain strong in the next years. We could therefore downgrade BNG Bank and NWB Bank, each by one notch, if we were to take a similar action on The Netherlands. We could also lower the NOVEMBER 24,

3 ratings on both banks over the next two years if a change in our assessments of the banks' critical role for and integral link with the government leads us to see a reduced likelihood of support from the Dutch government. RATINGS SCORE SNAPSHOT Bank Nederlandse Gemeenten N.V. Nederlandse Waterschapsbank N.V. To From Issuer Credit Rating AAA/Stable/A-1+ AA+/Positive/A-1+ SACP a+ a+ Anchor bbb+ bbb+ Business Position Adequate (0) Adequate (0) Capital and Earnings Very Strong (+2) Very Strong (+2) Risk Position Strong (+1) Strong (+1) Funding and Average (0) Average (0) Liquidity and Adequate and Adequate Support (+4) (+3) ALAC Support (0) (0) GRE Support (+4) (+3) Group Support (0) (0) Sovereign Support (0) (0) Additional Factors (0) (0) SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capital. RELATED CRITERIA AND RESEARCH Related Criteria Bank Rating Methodology And Assumptions: Additional Loss-Absorbing Capacity, April 27, 2015 Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015 Group Rating Methodology, Nov. 19, 2013 Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013 Revised Market Risk Charges For Banks In Our Risk-Adjusted Capital Framework, June 22, 2012 Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 Bank Capital Methodology And Assumptions, Dec. 6, 2010 Methodology For Mapping Short- And Long-Term Issuer Credit Ratings For Banks, May 4, 2010 Use Of CreditWatch And Outlooks, Sept. 14, NOVEMBER 24,

4 Commercial Paper I: Banks, March 23, 2004 Related Research Long-Term Ratings On The Netherlands Raised to 'AAA' On Stronger-Than-Expected Economic Growth Prospects; Outlook Stable, Nov. 20, 2015 RATINGS LIST Upgraded; Ratings Affirmed To From Bank Nederlandse Gemeenten N.V. Counterparty Credit Rating AAA/Stable/A-1+ AA+/Positive/A-1+ Senior Unsecured AAA AA+ Commercial Paper A-1+ A-1+ Nederlandse Waterschapsbank N.V. Counterparty Credit Rating AAA/Stable/A-1+ AA+/Positive/A-1+ Senior Unsecured AAA AA+ Certificate Of Deposit A-1+ A-1+ Commercial Paper A-1+ A-1+ Additional Contact: Financial Institutions Ratings Europe; Complete ratings information is available to subscribers of RatingsDirect at and at spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) NOVEMBER 24,

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