Moody's Cuts Five Dutch Banks Including ING Groep NV, Warns On Greece-Reuters

Reuters reported that Moody's Investors Service had downgraded five Dutch banks, four of them by two notches, and warned a Greek exit of the euro would see further cuts, kicking off a long-awaited round of downgrades for major European institutions. Moody's set a stable outlook to the ratings for four of the groups but kept a negative outlook for ING Groep NV, meaning it could cut it again. The actions reflect Moody's view that Dutch banks will face difficult operating conditions throughout 2012 and possibly beyond. The agency said there were heightened risks for creditors amidst elevated uncertainty and downside risks to the economic outlook and fragile investor confidence in Europe. Moody's agency said it had cut the ratings by two notches to Aa2 for Rabobank Nederland, to A2 for ING, to A2 for ABN AMRO Bank NV, and to Baa2 for LeasePlan Corporation N.V. The long-term debt and deposit ratings for SNS Bank N.V. were downgraded by one notch to Baa2. The short-term ratings for all the groups were unchanged.