Summary: Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) Dec 10

Standard & Poors, December 2010

Abstract
The ratings on Coöperative Centrale Raiffeisen-Boerenleenbank B.A., which is commonly known as Rabobank Nederland, reflect its sound financial position, controlled risk profile, stable strategy, and strong franchise in The Netherlands. To date, Rabobank Nederland has demonstrated relative resilience to the economic downturn and recent market volatility, largely due to its robust domestic retail business. Nevertheless, its earnings have been pressured by elevated loan impairment charges, particularly in Ireland, as well as losses on structured credit and monoline exposures. A further factor was domestic margin pressure caused by strong competition for deposits. Rabobank Nederland maintained a good level of profitability through this period, however, and reported a 26% improvement in net earnings in the first half of 2010 as margins improved...

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

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)

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