In our view, Dutch banks are exposed to the potential of a more protracted downturn in The Netherlands and the wider eurozone. We are therefore revising our economic risk score for The Netherlands and our Banking Industry Country Risk Assessment to '3' from '2'. As a result, we are lowering our long-term ratings on Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) and its guaranteed subsidiaries to 'AA-' from 'AA'. We are affirming the short-term ratings at 'A-1+'. The stable outlook on Rabobank Nederland reflects our expectation that the bank should be able to maintain a sound capital position and better-than-average asset quality despite the difficult economic environment. On Nov. 16, 2012, Standard&Poor's Ratings Services lowered its long-term counterparty credit
