KAS BANK ratings affirmed

Ratings agency Standard & Poor's (S&P) today announced its affirmation of KAS BANK’s Long-Term “A-” and Short-Term “A-2” ratings. S&P has changed the outlook from “stable” to “negative” reflecting lower profitability in 2010 due to unusually low interest rates and lower exchange trading volumes. This is in line with the publication, earlier this year, of KAS BANK’s half-year and third quarter results.

S&P recognises KAS BANK’s strong liquidity and solvency, good Dutch market presence and strong strategic positioning. KAS BANK has a high solvency ratio of 21 per cent and a tier 1 ratio of approximately 18 per cent.

The bank maintains its long-term financial targets. KAS BANK expects to generate growth from the ongoing focus on innovative risk monitoring services for the Dutch pensions sector, added-value services for European financial intermediaries, and further building on our position in the German institutional market.

KAS BANK will publish its 2010 financial results on 3 March 2011.