Rabobank Australia Ltd. Jun 05

Standard & Poors, June 2005

Abstract
Guaranteed by its ultimate parent, Rabobank Nederland (AAA/Stable/A-1+) Strong market position and franchise Sound credit policies and procedures Resilient and improving earnings profile Focused on higher risk rural sector Increasingly competitive market segment Balance sheet relatively illiquid The counterparty credit ratings on Rabobank Australia Ltd (Rabobank Australia) reflect those on its ultimate parent, Rabobank Nederland (Rabobank; AAA/Stable/A-1+), in its capacity as 100% owner and guarantor of Rabobank Australia. The ratings on Rabobank Australia also reflect its stand-alone market position and franchise, sound credit policies and methodology, and an improving earnings profile. Moderating factors include its focus on a sector that is higher risk and exposed to weather and commodity price pressures. Competition in its target market segment is increasing from...

Companies mentioned in this report are:
- Rabobank Australia Ltd.
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
- Rabobank New Zealand Ltd.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Rabobank Australia Ltd.
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
- Rabobank New Zealand Ltd.

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