We believe Cooperatieve Rabobank's ongoing balance-sheet optimization strategy will bolster our capital measure for the bank in the next 18 to 24 months. The strategy entails medium-term balance-sheet downsizing and a refocus on core banking activities in the Netherlands, and the financing of the food and agriculture business globally, where Rabobank is a market leader. We are affirming our 'A+/A-1' ratings on Rabobank. The stable outlook reflects our expectation that Rabobank's capital position will continue to strengthen and its earnings will remain resilient over the next 18-24 months as it follows its optimization plan. On Nov. 10, 2016, S&P Global Ratings affirmed its 'A+/A-1' long- and short-term counterparty credit ratings on Netherlands-based Cooperatieve Rabobank U.A. The outlook is stable. At
