Moody’s cuts top Dutch banks rating

Moody’s cuts top Dutch banks rating

The ratings agency Moody’s is significantly more negative about the creditworthiness of the largest Dutch banks.

Moody’s said on Friday it had downgraded five Dutch banks, four of them by two notches, and warned a Greek exit of the euro would see further cuts.

“Today’s actions reflect Moody’s view that Dutch banks will face difficult operating conditions throughout 2012 and possibly beyond,” Moody’s said in a statement.

The rating agency sees big risks for the banks in the continuing recession and the fall in house prices.

Moody’s agency said it had cut the ratings by two notches to Aa2 for Rabobank, to A2 for ING, to A2 for ABN AMRO Bank, and to Baa2 for LeasePlan.

The long-term debt and deposit ratings for SNS Bank were downgraded by one notch to Baa2.

The short-term ratings for all the groups were unchanged. The cuts makes it more expensive for banks to borrow money in the financial markets, said a spokesman for SNS.

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