The ratings on Coöperative Centrale Raiffeisen-Boerenleenbank B.A.--commonly known as Rabobank Nederland (Rabobank)--reflect its extremely sound business and financial profiles, strong market position in The Netherlands, and low risk profile. These attributes have enabled it to win new business during the current turbulence, particularly in its home market. Net earnings growth was in line with Rabobank's 12% target in the first half of 2008, but there was an 8% decline if a disposal gain is excluded. This represents a resilient underlying performance relative to peers in the current market conditions. The domestic retail business achieved 28% earnings growth, helped by provision releases, and offset a €529 million aggregate charge to wholesale banking earnings as a result of the credit crunch. At
