Market-leading franchise in The Netherlands. Steady, long-term capital generation through earnings. Relatively cautious management culture and strategy. Strengthened funding and liquidity profiles. Relatively elevated impairments on certain loan books, particularly in Ireland. Some deterioration in domestic performance. Mutual status somewhat constrains ability to raise capital, if required. Standard&Poor's Ratings Services' outlook on Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) is negative, in line with that on the State of The Netherlands (unsolicited ratings AAA/Negative/A-1+). Under our criteria, with all other factors remaining the same, we would remove the one notch of government support currently factored into the long-term counterparty credit rating on Rabobank Nederland if we lowered the long-term unsolicited rating on The Netherlands by one notch (for further
