TEXT-S&P summary: Nationale Borg Group

Wed Jan 16, 2013 7:43am EST

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(The following statement was released by the rating agency)

Jan 16 -

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Summary analysis -- Nationale Borg-Maatschappij N.V. -------------- 16-Jan-2013

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CREDIT RATING: Country: Netherlands

Local currency A-/Stable/--

Primary SIC: Fire, marine, and

casualty

insurance

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Credit Rating History:

Local currency Foreign currency

16-Oct-2006 A-/-- --/--

16-Apr-2003 A/-- --/--

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Rationale

The ratings on Netherlands-based direct surety insurer and surety and credit reinsurer Nationale Borg Group (NB) are based on the ratings of its core operating entity, the Netherlands-based surety insurer Nationale Borg-Maatschappij N.V. (NBM; A-/Stable/--) and the Curacao-based credit and surety reinsurer Nationale Borg Reinsurance N.V. (NBRe; A-/Stable/--). Our ratings on NBRe reflect our view that the country risk of Curacao (A-/Negative/A-2) has limited implications for NBRe (for more information, see "Curacao-Based Nationale Borg Reinsurance 'A-' Rating Affirmed Despite Outlook Revision On Sovereign; Outlook Stable," published Nov. 22, 2012).

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