S&P Includes Rabobank Nederland's New Member Certificates In ACE; Tier 1 Issue Classified As 'Intermediate' Hybrid Dec 11

Standard & Poors, December 2011

Abstract
LONDON (Standard & Poor's) Dec. 13, 2011--Standard & Poor's Ratings Services said today that it has decided to include the new Member Certificates (not rated) issued by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland; AA/Watch Neg/A-1+) in its adjusted common equity (ACE) measure. In addition, we have classified Rabobank Nederland's $2 billion 8.40% perpetual non-cumulative capital securities issue (not rated) from November 2011 as an "intermediate" equity content hybrid under our criteria. These decisions do not affect our assessment of Rabobank Nederland's capital and earnings as "adequate" under our criteria (see -Rabobank Nederland Long-Term Rating Lowered To 'AA' On Bank Criteria Change; S-T Rating Affirmed; Outlook Stable,- published on Nov. 29, 2011). The inclusion of the new Member Certificates in ACE...

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

Action: General Comment

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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

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