Fitch Revises the Outlook on Rabobank to Negative;

On 25 Octboer 2019, Fitch Revised the Outlook on Rabobank to Negative; Affirms at 'AA-' Fitch Ratings has affirmed Cooperatieve Rabobank U.A.'s Long-Term Issuer Default Rating (IDR) at 'AA-'and its Viability Rating (VR) at 'a+'. Fitch has also revised the Outlook on the Long-Term IDR to Negative from Stable. A full list of rating actions is at the end of this Rating Action Commentary. The rating actions are part of a portfolio review of major rated Dutch banking groups. Rabobank's Long-Term IDR and senior debt ratings benefit from a one-notch uplift above its VR due to a large buffer of qualifying junior debt (QJD), which would protect the bank's senior debt from default in the event of failure. The Outlook revision reflects the increased uncertainty over whether the qualifying junior debt buffer will be maintained at a level sufficient to protect all senior obligations, including senior non-preferred debt, from default. Senior non-preferred debt is the reference liability for the Long-Term IDR. End CA:00343327 For:RBO Type:CREDIT Time:2019-10-29 08:32:07