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S&P confirms the Argenta Spaarbank’s A–/A-2 rating
2 July 2019
Standard & Poor’s confirms the long term A- and short term A-2 rating of Argenta Spaarbank on the back of solid credit worthines, a strong capitalization and decent profitability despite strong competition and the continued low interest environment.
In 2017 S&P upgraded the outlook for Argenta to positive based on the overall positive development of the Dutch economy and the potential positive impact on the environment in which Argenta Spaarbank operates in the Netherlands. Argenta Spaarbank is an important participant in the Dutch mortgage market and has a mortgage portfolio of 17,6 billion Euros at the end of 2018.
On June 27th, Standard & Poor’s has however revised its outlook for the Dutch economy from positive to stable based on remaining economic imbalances in the country because of dynamic property price rises in the Netherlands over the past two years, and the high level of private sector indebtedness, on a gross basis, which constrains the structural ability of the very open Dutch economy to easily withstand potential external shocks (see attached S&P rating report for more details).
As a consequence, S&P also revises Argenta Spaarbank’s rating outlook from positive to stable.
Geert Ameloot, Argenta’s CFO comments: “The Dutch economy has progressed well over the past years, and Argenta has continued to thrive well in this environment, serving its customers in the Netherlands with fairly priced mortgages and savings accounts, while remaining a conservative credit underwriter. The revised outlook by S&P does not change our strategy.”