Research Update: Rabo Structured Note Program 'AAA' Ratings Affirmed As Rabo Securities Is Replaced As Issuer Jul 05

Standard & Poors, July 2005

Abstract
On July 5, 2005, Standard & Poor's Ratings Services affirmed its 'AAA' senior unsecured debt ratings on the debt issued under the Rabobank group's $500 million structured MTN program (see ratings list). At the same time, Standard & Poor's assigned its 'A-1+' short-term debt rating to the program. Rabo Financial Products B.V. is now the named issuer under this program, replacing Rabo Securities, N.V. On June 30, 2005, Rabo Financial Products B.V. became the primary obligor on bonds previously issued by Rabo Securities, N.V. under the program. All issues under the program continue to be guaranteed by Rabobank Nederland's (AAA/Stable/A-1+) New York branch. Rabo Financial Products B.V. $500 million senior unsecured structured MTN program* Senior unsecured debt AAA Short-term debt...

Companies mentioned in this report are:
- Rabo Financial Products B.V.
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)

Action: Affirmed

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Rabo Financial Products B.V.
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)

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