The ratings on Rabobank Nederland and its subsidiaries reflect the group's extremely sound business and financial profiles. In recent years, the bank has been able to strengthen its already strong market position in the Netherlands, while at the same time improving its operating performance, limiting its cost of risk, and maintaining a high capitalization. Rabobank Nederland acts as central clearer for the Dutch cooperative banking system, which is bound by a cross-guarantee scheme under which members pledge to support each other's obligations. For this reason, Rabobank Nederland and the other members of the Dutch cooperative banking system are viewed by Standard&Poor's as representing a unified credit risk; all references to Rabobank in this report are to the consolidated
