...June 28, 2019 - Because of a dynamic property market in the Netherlands over the past two years, economic imbalances in the country have not reduced, as we previously thought might be the case. - The high level of private sector indebtedness, on a gross basis, constrains the structural ability of the very open Dutch economy to easily withstand potential external shocks, although we continue to see solid mitigating factors for banks operating in the country. - As a result, we are affirming our ratings on three Dutch banks, Cooperatieve Rabobank, ABN AMRO, and De Volksbank, but also on Argenta, a Belgian bank with meaningful operations in the Netherlands. - We are also revising our outlooks on most of these banks to stable, since the previous positive outlooks were linked to our expectation of reducing economic imbalances. - The outlook on De Volksbank remains positive because we are likely to incorporate a further notch of uplift in our ratings if the bank continues to execute its strategy...
