On 21 April 2026 Moody’s Ratings announced the revision of Rabobank's senior unsecured debt and issuer ratings to Aa3 from Aa2. The adjustment of these ratings is not the result of a change in Rabobank’s underlying credit fundamentals; it follows from the EU’s adoption of reforms to the Bank Crisis Management and Deposit Insurance (CMDI) framework on 26 March 2026.
Once implemented in national law, the reforms introduce a harmonized full depositor preference over senior unsecured debt across the EU. Moody’s rating action reflects its assessment of how the updated creditor hierarchy may affect loss severity for depositors and senior unsecured debt investors.
Moody’s affirmed Rabobank’s deposit ratings, reflecting an unchanged (adjusted) Baseline Credit Assessment and unchanged loss severity and government support assumptions.
Moody’s also affirmed the stable outlook on Rabobank’s deposits, senior unsecured debt and issuer ratings, reflecting Moody's expectation of broadly unchanged loss severity for aforementioned liabilities and a stable financial profile over the outlook horizon.
Please find here Moody's press release dated 21 April 2026.