Fitch affirmed the 'A-' long-term issuer default rating and 'C' individual rating that it assigned to Dutch mortgage lender, SNS Bank NV, and removed the ratings from Rating Watch Negative. The resolution of the Rating Watch, put in place in December, results from Fitch's view that the bank's current capital levels and expected earnings generation in the foreseeable future should enable it to withstand the difficulties experienced by the bank's property finance portfolio. Nevertheless, Fitch assigned a negative outlook to the long-term IDR to reflect its concerns that the deterioration of the commercial real estate loan book could be larger than expected, which would materially affect the bank's earnings and solvency.  Moody's downgraded SNS Bank in February, lowering its bank financial strength rating to 'C-'from 'C' and its long- and short-term credit ratings to 'A3/P-2' from 'A2/P-1'. The outlook was also left as negative. SNS Bank visited the Australian market each year between 2004 and 2006 and still has A$700 million of December 2010 and November 2011 bonds outstanding.