Standard and Poor’s rating: ABN AMRO, Rabobank downgraded
The ratings on the two large Dutch banks were cut by one notch each.
WASHINGTON:
Standard & Poor’s (S&P) downgraded Dutch banks ABN AMRO, Rabobank and others on Friday, citing their exposure to a deeper economic slump in the Netherlands and the recession-hit eurozone. The ratings on the two large Dutch banks were cut by one notch each, to A from A+ for ABN AMRO and to AA- from AA for Rabobank. Two other banks, F van Lanschot Bankiers and SNS REAAL, also were cut by one notch and S&P lowered the outlook on ING Bank, ING Group and Achmea Hypotheekbank to negative, while keeping the ratings unchanged. “In our view, Dutch banks are exposed to increased economic risks as a result of a potentially more protracted downturn in the Netherlands and wider eurozone,” S&P said. It added that the prolonged correction in the Dutch property market and government deficit-cutting measures will continue to hit the Dutch economy, “although we expect the overall impact on the banking sector to be moderate.”
Published in The Express Tribune, November 18th, 2012.
Standard & Poor’s (S&P) downgraded Dutch banks ABN AMRO, Rabobank and others on Friday, citing their exposure to a deeper economic slump in the Netherlands and the recession-hit eurozone. The ratings on the two large Dutch banks were cut by one notch each, to A from A+ for ABN AMRO and to AA- from AA for Rabobank. Two other banks, F van Lanschot Bankiers and SNS REAAL, also were cut by one notch and S&P lowered the outlook on ING Bank, ING Group and Achmea Hypotheekbank to negative, while keeping the ratings unchanged. “In our view, Dutch banks are exposed to increased economic risks as a result of a potentially more protracted downturn in the Netherlands and wider eurozone,” S&P said. It added that the prolonged correction in the Dutch property market and government deficit-cutting measures will continue to hit the Dutch economy, “although we expect the overall impact on the banking sector to be moderate.”
Published in The Express Tribune, November 18th, 2012.