The ratings on Rabobank Nederland and its subsidiaries reflect the group's important position in the Netherlands, excellent asset-quality record, and strong capitalization. Rabobank Nederland acts as central clearer for the Dutch cooperative banking system, which is bound by a cross-guarantee scheme that pledges each of its members to support one another's obligations. For this reason, Rabobank Nederland and the other members of the Dutch cooperative banking system are viewed by Standard&Poor's as a single credit risk; all references to Rabobank that follow will be to the consolidated group. Rabobank's importance to the Dutch economy, particularly to the agricultural sector, cannot be overstated. The organization has a strong position in the domestic retail market, with a 23% share of
