Fresh AAA warning as Moody's downgrades Dutch banks

clock

Moody's has downgraded the credit ratings of five of the Netherlands' largest banks as the country's economy struggles with a domestic recession and the effects of the eurozone crisis.

The Dutch economy has been in recession for three quarters, with a further contraction likely in Q2, as falling house prices and the wider impact of the eurozone sovereign debt crisis leave it with little room to manoeuvre. Moody's downgraded the ratings of lenders ING and state-owned ABN Amro by two notches to A2, with Rabobank Nederland cut two notches to Aa2. Smaller lenders LeasePlan and SNS Bank were cut to Baa2, with all except ING given a stable outlook. The ratings agency acknowledged the larger banks would benefit from their control of the Dutch retail banking market but said...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Four potential 'black swans' for 2025

Four potential 'black swans' for 2025

'Four unlikely but nonetheless plausible scenarios'

Nathan Sweeney
clock 03 January 2025 • 4 min read
What two pizzas tell us about Bitcoin

What two pizzas tell us about Bitcoin

Laszlo Hanyecz really needed a slice...

Laith Khalaf
clock 19 December 2024 • 6 min read
Rise in UK inflation 'unwelcome' ahead of BoE interest rate meeting

Rise in UK inflation 'unwelcome' ahead of BoE interest rate meeting

Bank of England MPC meeting due on Thursday

Sorin Dojan
clock 18 December 2024 • 3 min read