The ratings on Rabobank Nederland and its subsidiaries reflect the group's important position in the Netherlands, very good 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 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 the
