The ratings on Coöperative Centrale Raiffeisen-Boerenleenbank B.A.--commonly known as Rabobank Nederland--reflect its sound financial profile, strong market position in the Netherlands, and controlled risk profile. Net earnings increased by 2% to €2.8 billion in 2008, but fell by 8% if a disposal gain is excluded. This represents a relatively resilient performance in our opinion given current market conditions. The Dutch retail banking business performed strongly, with 13% net profit growth, on the back of higher lending and deposit balances. Rabobank is the leading retail bank in the Netherlands and has further increased its market shares during the current market turbulence due to its stable performance relative to its leading competitors. These gains mostly compensated for €1.2 billion (after tax) of
