The stable outlook reflects our expectation that, over the next 24 months, Rabobank will continue improving its profitability and benefit from the rising interest rate environment, like many European peers. Rabobank benefits from a strong domestic position, a solid global food and agricultural franchise, robust capitalization, and healthy liquidity thanks to continued access to the wholesale market. Nevertheless, we remain cautious on certain pockets of risk in domestic SMEs, CRE, and global clients operating in vulnerable sectors if new logistical disruptions and persistent high inflation were to dampen our current expectations. We could lower the ratings in the next two years if we revised downward our assessment of the group stand-alone credit profile (SACP), and if this is not offset
