Rabobank New Zealand Ltd. Aug 10

Standard & Poors, August 2010

Abstract
Unconditional guarantee from the parent, Rabobank Nederland Good market position and franchise in a competitive target market Integration with, and ongoing support from, the parent Resilient growth and improved interest margins Strong capitalization Exposure to cyclical deterioration in asset quality Sector concentration due to focus on higher-risk rural banking market Relatively illiquid balance sheet The rating on Rabobank New Zealand Ltd (Rabobank New Zealand) is equalized with that on the ultimate parent bank, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., of the Netherlands (Rabobank Nederland; AAA/Negative/A-1+), reflecting an unconditional guarantee provided by Rabobank Nederland covering all obligations of Rabobank New Zealand. Although the parent has the ability to terminate its guarantee covering Rabobank New Zealand with a minimum of three months' notice, we...

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

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

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