Bulletin: Ratings And Outlook On Rabobank Unaffected By Announcement Of Litigation Settlement Provision

PARIS (S&P Global Ratings) Jan. 3, 2018--S&P Global Ratings said today that its issuer credit ratings and outlook on Netherlands-based Cooperatieve Rabobank U.A. (A+/Positive/A-1) are unchanged after the bank's announcement that it will book a provision of around €310 million in its fourth-quarter results in anticipation of a litigation settlement. The provision anticipates a potential settlement related to its California-based subsidiary, Rabobank National Association (RNA). U.S. authorities have been investigating RNA since 2013 in relation to its historical anti-money-laundering compliance program. We understand that the potential settlement will likely include a guilty plea by RNA to a single offense related to former employees withholding information from RNA's prudential regulator close to five years ago. The investigation was already public information,

...PARIS (S&P Global Ratings) Jan. 3, 2018--S&P Global Ratings said today that its issuer credit ratings and outlook on Netherlands-based Cooperatieve Rabobank U.A. (A+/Positive/A-1) are unchanged after the bank's announcement that it will book a provision of around 310 million in its fourth-quarter results in anticipation of a litigation settlement. The provision anticipates a potential settlement related to its California-based subsidiary, Rabobank National Association (RNA). U.S. authorities have been investigating RNA since 2013 in relation to its historical anti-money-laundering compliance program. We understand that the potential settlement will likely include a guilty plea by RNA to a single offense related to former employees withholding information from RNA's prudential regulator close to five years ago. The investigation was already public information, and the amount of the provision doesn't affect our expectation that the group's capitalization, according to our measures, will continue...

Bulletin