Fitch Affirms Rabobank on Group Restructuring
On 14 January 2016 Fitch Ratings announced that they have affirmed Coöperatieve Rabobank U.A.'s (Rabobank) Long-term Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook following the group’s restructuring, which was effective 1 January 2016. At the same time, the agency has assigned a Viability Rating (VR) of ‘a+’.
Coöperatieve Rabobank U.A. is the new legal name of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., previously the central institution of the Rabobank Group, into which all 106 local member banks were merged on 1 January 2016. In line with its criteria, Fitch previously did not assign a VR, Support Rating and Support Rating Floor to the central institution. Following the group restructuring, Fitch has assigned the merged entity a VR, Support Rating and Support Rating Floor.
Fitch has also withdrawn the ratings of Rabobank Group, which as such no longer exists (apart from Coöperatieve Rabobank U.A. still holding subsidiaries). Please find below a link to the Fitch press release, in which you can find amongst others a full list of rating actions and an overview of the key rating drivers. The full rating report will be available in due course.
Press release Fitch (14 January 2016)