Clearly defined medium-term strategy focusing on its strong domestic franchise and financing the global food and agriculture business. Prioritization of long-term customer franchise growth over short-term returns, leading to predictable strategy and revenue. Market-leading presence in the Netherlands, with a track record of strongly performing domestic residential mortgages. Continuous need to adapt the business model to regulatory changes, in particular to those in the Basel framework. Elevated loan impairments expected in the next two years because of the COVID-19 pandemic, resulting in weak profitability prospects in 2020 and moderately better ones in 2021. Although reducing, a still-high reliance on wholesale funding. The negative outlook reflects S&P Global Ratings' expectation that, over the next 18-24 months, Cooperatieve Rabobank U.A. (Rabobank) may
