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 impairment charges on certain loan portfolios, particularly in Ireland. Mutual status 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 details, see table 22 in
