Moody's downgrades ratings of 5 Dutch banks Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 01:54 a.m., Friday, June 15, 2012 AMSTERDAM (AP) — Moody's cut the credit ratings of five Dutch lenders, including ING Groep NV and state-owned ABN Amro NV on Friday, citing a weak Dutch economy, falling house prices, and the effects of the European debt crisis. All remain "investment grade," meaning the agency still believes they will be able to repay their debts in most foreseeable scenarios, and conservative investors such as pension funds will still be able to invest in the banks' debt. The now-defunct Fortis was finishing a takeover of ABN when it began sliding toward bankruptcy and the Netherlands stepped in to take over the Dutch operations of both and avert a meltdown of the country's banking system. "The long-term debt and deposit ratings for four of the five Dutch banking groups downgraded today continue to be positioned above their standalone credit assessments, reflecting Moody's assumption of a high likelihood of systemic support, if needed," it said.
Comment on Moody's downgrades ratings of 5 Dutch banks
Business Heds Index, Seattle Post-Intelligencer: Business
Fri, 06/15/2012 - 3:39am
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