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Fitch upgrades NIBC Bank

Fitch Ratings on Dec. 20 upgraded the long-term issuer default rating of NIBC Bank NV to BBB from BBB-, with a stable outlook, and its viability rating to "bbb" from "bbb-".

The Dutch bank's F3 short-term issuer default rating, 5 support rating and No Floor support rating floor were affirmed.

The upgrade is driven by a structural improvement in the Dutch bank's earnings, which is expected to be sustained, according to the rating agency. Fitch also sees a reduction in the bank's legacy nonperforming commercial real estate loans and expects the potential deterioration of asset quality from the bank's exposure to stressed shipping and offshore services industries to be manageable for the lender.