Date: Friday 15 Jun 2012
Moody’s Investor Services downgraded five Dutch banking groups on Friday morning as part of its continual review of the European financial sector.
Specifically, the long-term debt and deposit ratings for four groups declined by two notches: to Aa2 for Rabobank Nederland, to A2 for ING Bank, to A2 for ABN AMRO Bank, and to Baa2 for LeasePlan Corporation. The long-term debt and deposit ratings for SNS Bank were downgraded by one notch to Baa2.
The credit ratings agency left the short-term ratings for all aforementioned groups unchanged and switched the outlook to stable for four of the five banks. It maintains a negative outlook on ING.
Moody’s explained that it has taken this action based on its view that “Dutch banks will face difficult operating conditions throughout 2012 and possibly beyond.
“Furthermore, the Dutch banks affected by today's actions have structural features which, while not new, heighten risks for creditors amidst elevated uncertainty and downside risks to the economic outlook and fragile investor confidence in Europe.”
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