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S&P upgrades Volksbank's long-term rating

S&P Global Ratings on June 7 upgraded the Netherlands-based Volksbank NV's long-term counterparty credit rating to A- from BBB+, with a stable outlook.

The rating agency affirmed the bank's short-term counterparty credit rating at A-2.

The upgrade reflects S&P's view of the bank's gradual franchise recovery, the enhanced predictability of its revenues and strong capitalization with an "exceptionally strong" common equity Tier 1 ratio of close to 30%. S&P expects that the bank will be able to marginally grow its mortgage loan book, maintain strong capitalization and sustain comfortable additional loss-absorbing capacity over the outlook horizon.

Volksbank is delivering on a development plan agreed with the government, S&P said, adding that it does not see any changes in the bank's ownership before the end of 2018.

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