We believe the prospect of extraordinary government support for Dutch banks is now uncertain in view of the country's well-advanced and effective resolution regime. We are therefore removing the one notch of uplift for government support that we had previously incorporated in the long-term counterparty credit ratings on Rabobank Nederland and its principal operating subsidiaries. However, we now include one notch in the long-term ratings because we consider that Rabobank Nederland already has substantial additional loss-absorbing capacity (ALAC). We are revising the outlook to stable from negative on Rabobank Nederland and affirming the long- and short-term counterparty credit ratings at 'A+/A-1'. The stable outlook reflects our expectation that Rabobank Nederland will continue to gradually build its ALAC buffer in the
