Five Dutch banks downgraded by Moody's

15 June 2012

Ongoing concerns regarding the eurozone debt crisis have resulted in five Dutch banks having their credit ratings downgraded.

Moody's Investors Service has announced that four of this group of financiers have had their ratings cut by two notches, with the other - SNS Bank - experiencing a reduction of one level to Baa2.

Included in these double downgrades are major lenders ING and ABN AMRO - which have both been cut to A2 - as well as Rabobank Nederland and LeasePlan Corporation.

Furthermore, ING has been placed on negative outlook due to fears it could require another reduction in the near future because of its exposure to the debt crisis and the possibility of Greece exiting the eurozone following its general election on Sunday (17 June).

"Today's actions reflect Moody's view that Dutch banks will face difficult operating conditions throughout 2012 and possibly beyond," Moody's said in a statement.

By Gary Cooper

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