Market-leading franchise in The Netherlands. Steady, long-term capital generation through earnings. Relatively cautious management culture and strategy. Strengthened funding and liquidity profiles. Relatively elevated impairments on certain loan books, particularly in Ireland. Some deterioration in domestic performance. Mutual status somewhat constrains ability to raise capital, if required. 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. The increased focus on its domestic business and on the food and agriculture sector internationally is unlikely to affect our assessment of the bank's very strong business position. We could raise the ratings if we consider it likely that the bank's risk-adjusted capital
