Ratings agency Standard and Poor’s has downgraded its outlook for non-listed Rabobank’s AAA credit rating because of the group’s lower earnings in the first half of 2009 due to losses on loans in Ireland and the Netherlands.

Rabobank’s triple A status is the highest a company can be given. A lower rating would make it more expensive to borrow money.
‘We consider that Rabobank has performed relatively resiliently through the current economic and market turbulence,’ the ratings agency said in a statement. ‘The negative outlook reflects our expectation that the weak economic environment will continue to challenge the banking industry over the rating horizon.’
In a statement, Rabobank CFO Bert Bruggink said he is pleased with the affirmation of the AAA rating, pointing out Rabobank is the ‘only privately owned financial institution with a AAA rating from S&P.’