On Dec. 5, 2011, Standard&Poor's Ratings Services placed the 'AAA' long-term unsolicited sovereign credit rating on the State of the Netherlands on CreditWatch with negative implications. As a direct result, we are placing our 'AA' long-term counterparty credit and long-term senior unsecured debt ratings on Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland), and its guaranteed subsidiaries, on CreditWatch with negative implications. We intend to resolve the CreditWatch placement on Rabobank Nederland and its guaranteed subsidiaries within four weeks of the resolution of the CreditWatch placement on The Netherlands. We expect that the ratings on Rabobank Nederland and its guaranteed subsidiaries which have been placed on CreditWatch could be either lowered by one notch to 'AA-' or affirmed at 'AA'.
