Moody’s rates Rabobank Nederland notes Baa2

Moody's Investors Service said it assigned a Baa2(hyb) rating to the €1.25 billion senior contingent notes issued by Rabobank Nederland (bank deposits and senior unsecured debt Aa2, stable; baseline credit assessment a2) in March 2010.

The 10-year securities maturing in 2020 rank pari passu with senior debt and therefore senior to Rabobank's subordinated debt, deeply subordinated debt and to Rabobank certificates qualifying for common equity tier 1 capital (CET1).

Moody’s said the Baa2(hyb) rating reflects its approach to the rating of “high trigger” contingent capital securities, which takes account of the credit risk of their non-viability component, the credit risk associated with the distance to trigger breach as well as the risk of a 75% principal write-down upon a trigger breach.

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