The ratings on Rabobank Nederland and its subsidiaries reflect the group's important position in the Netherlands, very good asset-quality record, and strong capitalization. Rabobank Nederland acts as central clearer for the Dutch cooperative banking system, which is bound by a cross-guarantee scheme under which members pledge to support each other's obligations. For this reason, Rabobank Nederland and the other members of the Dutch cooperative banking system are viewed by Standard&Poor's as representing a unified credit risk; all references to Rabobank in this report are to the consolidated group. Rabobank's importance to the Dutch economy, particularly to the agricultural sector, cannot be overstated. The organization has a strong franchise in the domestic retail market, with a 23% share of
