Fitch affirms Rabobank

Fitch Ratings said it affirmed Rabobank Group's long-term issuer default rating at AA and its viability rating at AA.

The outlook is stable.

Fitch also said it affirmed Rabobank's central organization, Cooperatieve Centrale Raiffeisen-Boerenleenbank BA's long-term issuer default rating at AA.

The agency also upgraded Friesland Bank's long- and short-term issuer default rating to AA from BBB and to F1+ from F3, respectively.

The outlook is stable.

The actions reflect the implications for the Rabobank group's ratings following the acquisition of Friesland Bank by Rabobank Nederland, Fitch said.

Friesland Bank is owned by the group's central organization. Its operations will be integrated into Rabobank over the next two years and Rabobank has committed to assume joint and several liability for all Friesland Bank's liabilities, the agency said.

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