Moody’s views de Volksbank positively

Moody’s Ratings said it affirmed de Volksbank NV's A2 long-term senior unsecured debt ratings and changed the outlook to positive from stable. The agency also affirmed its senior unsecured medium-term note program rating of (P)A2, its junior senior unsecured debt rating of Baa1, its junior senior unsecured MTN program ratings of (P)Baa1, the subordinated debt rating of Baa2 and the (P)Baa2 subordinate MTN program rating.

The positive outlook reflects the view that, despite the weak macroeconomic outlook, the bank's ability to generate earnings has improved since the rise in interest rates, even if net interest margins have peaked in 2023, the agency said.

“At the same time, Moody's expects that the bank will preserve very low asset risk and strong capital buffers. Finally, the rating agency also expects that the bank will remedy the shortcomings identified by the Dutch central bank in 2023 in its anti-money laundering (AML) systems and processes without incurring exorbitant costs,” Moody’s said in a press release.

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