Moody’s affirms BNG Bank

Moody's Investors Service said it affirmed the long-term deposit, issuer and senior unsecured debt ratings of Bank Nederlandse Gemeenten NV (BNG Bank) at Aaa with a stable outlook, and its short-term deposit and commercial paper ratings at Prime-1.

The agency also affirmed the bank's baseline credit assessment at a1, as well as its long- and short-term counterparty risk assessment at Aaa(cr) and Prime-1(cr), respectively.

Moody’s said the BCA of a1 reflects: (a) the bank's role as the largest lender to the Dutch public sector; (b) its entrenched franchise in a niche market, which results in exceptional stability in its fundamentals; (c) its very high asset quality because its portfolio is mostly comprised of loans to Dutch public entities; (d) its high capitalization; and (d) its adequate funding profile and liquidity position with limited maturity mismatches.

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