Standard & Poor's affirms Rabobank's AAA rating
8-12-2009 | Other news
Standard & Poor’s has affirmed Rabobank’s AAA status but changed the outlook to negative from stable. The rating agency explains this decision as follows:
“The negative outlook reflects our expectation that the weak economic environment will continue to challenge the banking industry over the rating horizon” (see full text)
CFO Bert Bruggink is pleased with the affirmation of the AAA rating. “It is positive that we have managed to keep the AAA rating under these difficult economic circumstances, based upon our strong financial position, closely controlled risk profile, and leading franchise in the Netherlands. Currently, we are the only privately owned financial institution with a AAA rating from S&P.” His reaction on the change in outlook to negative from stable: “I am confident that we can avoid a negative rating action in the future by staying committed to our financial aims.
Bruggink affirmed Rabobank’s commitment to its Triple-A rating ambition.
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