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S&P upgrades Netherlands-based NIBC Bank

S&P Global Ratings on Oct. 12 upgraded NIBC Bank NV's long- and short-term counterparty credit ratings to BBB/A-2 from BBB-/A-3 and revised the outlook to stable from positive.

The agency also upgraded the bank's foreign-currency certificate of deposit and its senior unsecured rating to BBB from BBB-.

The upgrade reflects the gradual balancing of the bank's funding profile over recent years, which has increased its overall resiliency, according to S&P.

The outlook revision is based on S&P's view that the bank will maintain its niche franchise, strong capitalization, similar risk appetite and sound asset quality.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.