Stable business profile anchored by market-leading position in The Netherlands. Relatively resilient performance during economic downturn and market turbulence. Steady long-term earnings performance. Robust capital and liquidity positions. Cautious culture and management philosophy. High systemic importance in The Netherlands. Cyclical increase in impairment losses weighs on current profitability. Legacy exposures to structured credit and monoline insurers. Mutual status constrains ability to raise capital, if required. The ratings on Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) reflect our view of its strong financial position, closely controlled risk profile, and leading franchise in The Netherlands. To date, Rabobank Nederland has demonstrated relative resilience to the unfavorable economic and market environment in our view, largely due to its robust domestic retail business. Nevertheless, Standard
