KAS BANK response to alteration credit rating

This year, the ratings of the majority of banks in the Netherlands in addition to the Dutch government have been revised downwards. Standard & Poor's long term credit rating of KAS BANK has been adjusted from A- with Outlook Negative to BBB + with Outlook Stable. S&P is however confident in the strategic initiatives the bank is undertaking in order to strengthen its business position.

The fundamental position of the bank remains very solid. KAS BANK’s solvency and liquidity ratios remain strong and the bank requires no external funding. S&P views the bank's business position as “adequate" and its liquidity position as “strong”. The overall profitability of the bank meets the external targets.

S&P is positive about returning to the A - rating if the bank succeeds in strengthening its operational result, which is currently low due to abnormally low interest rates. KAS BANK intends to undertake additional restructuring in 2013, with a view to structural recovery of its operating profit capacity.

Furthermore, S&P confirms the systemic role and importance of KAS BANK in the Netherlands. With EUR 320 billion of assets under administration, KAS BANK is a leading player in the Dutch pensions and securities industries.

Managing Board

Latest RatingDirect Report S&P on KAS BANK (10 December 2013) (opens as PDF).