We consider that potential extraordinary government support for European banks will likely decrease as resolution frameworks are put into place. We are affirming our 'AA-/A-1+' counterparty credit ratings on Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland). The negative outlook reflects the possible removal of government support by year-end 2015 and the possibility that we could revise down our favorable view of the bank's franchise stability and risk management over the next 12-18 months. As previously announced on April 29 2014, Standard&Poor's Ratings Services has affirmed its 'AA-/A-1+' counterparty credit ratings on Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) and its guaranteed subsidiaries, Rabohypotheekbank N.V. and Rabobank New Zealand Ltd. The outlook on all entities is negative. The affirmation follows the
