A significant weakening of the bank's liquidity buffer or evidence of diminished deposit franchise strength would also be negative for the ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade would most likely arise from further franchise growth, in particular in wealth management with similar trends in inflows of AUM as observed in recent years, resulting in structural improvements to Van Lanschot's earnings stability and levels. We would upgrade the bank on a consistent record of operating profit of above 3% of RWAs, while maintaining its risk profile, and solid capital and liquidity buffers. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Van Lanschot's Short-Term IDR of 'F2' is the lower of the two options mapping to a 'BBB+' Long-Term IDR. This is because our 'a-' assessment of the bank's funding and liquidity is below the minimum 'a' expected for a Short-Term IDR of 'F1'.