Following a review of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland or, alternatively, group) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have lowered our long-term rating to 'AA' from 'AAA'. At the same time, we affirmed the 'A-1+' short-term rating. The outlook is stable. The rating on Rabobank Nederland's perpetual subordinated debt was lowered to 'A' from 'AA-', and the rating on its dated subordinated debt was lowered to 'A+' from 'AA+'. Other rating actions on debt issues and subsidiaries are listed below. Our ratings on Rabobank Nederland reflect our view of its 'a-' anchor, very strong business position, adequate capital and earnings, strong risk position, average funding, and adequate liquidity. Our ratings also reflect
