Moody’s rates Rabobank program A3

Moody's Investors Service said it assigned a provisional A3 rating to Rabobank's long-term non-preferred senior unsecured debt program.

This action follows Rabobank's update of its €160 billion global medium-term note program, under which the bank plans to issue debt explicitly designated as "non-preferred senior notes" in the documentation.

Moody’s said the rating reflects: (a) Rabobank's adjusted baseline credit assessment (BCA) of a3; (b) Moody's advanced Loss Given Failure (LGF) analysis, which indicates likely moderate loss severity for these instruments in the event of the bank's failure, leading to a position in line with the bank's adjusted BCA; and (c) Moody's assumption of a low probability of government support for this new instrument, resulting in no uplift.

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