We consider that Coöperative Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) has performed relatively resiliently through the current economic and market turbulence. Nevertheless, it is experiencing elevated impairment losses and value adjustments on certain exposures. We are revising our outlook on Rabobank Nederland to negative from stable, and affirming our 'AAA/A-1+' counterparty credit ratings. The negative outlook reflects our expectation that the weak economic environment will continue to challenge the banking industry over the rating horizon. On Dec. 8, 2009, Standard&Poor's Ratings Services revised its outlooks on Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) and its subsidiaries Rabobank Australia Ltd. and Rabobank New Zealand Ltd. to negative from stable. At the same time, the 'AAA/A-1+' counterparty credit ratings on these entities
