Despite governments' measures to contain the COVID-19 pandemic, the Netherlands, and other countries where Cooperative Rabobank (Rabobank) operates, are facing unprecedented challenges and there are substantial downside risks. We expect the COVID-19-pandemic-related weaker economic prospects to affect Rabobank's profitability and asset quality. We are therefore revising to negative from stable the outlook on Cooperatieve Rabobank, core subsidiary Rabohypotheekbank, and highly strategic subsidiary Rabobank New Zealand, and affirming our issuer credit ratings. The negative outlook reflects debilitated short-term earnings prospects and asset-quality risks. On April 23, 2020, S&P Global Ratings revised to negative from stable its outlook on Cooperatieve Rabobank, core subsidiary Rabohypotheekbank, and highly strategic subsidiary Rabobank New Zealand Ltd. We affirmed our 'A+/A-1' long- and short-term issuer credit ratings
