July 12, 2012

Standard & Poor's rating for one of Rabobank's New Zealand entities, Rabobank New Zealand Limited, has been reissued at the bank's request.

Standard & Poor's had announced yesterday (July 11, 2012) that the rating on this entity had been withdrawn at the bank's application.

Rabobank's New Zealand CEO Ben Russell said the bank had made that request because all senior New Zealand wholesale debt issuances were undertaken by another of its entities, Rabobank Nederland NZ Branch.

"Rabobank deposits in New Zealand, including RaboDirect deposits, are guaranteed by Rabobank Nederland, which has a AA rating from S&P. The bank initially formed the view that in light of this guarantee, an independent credit rating for RNZL was not necessary. However, in consultation with the Reserve Bank of New Zealand and for regulatory reasons, Rabobank sought reinstatement of a rating for RNZL from S&P," he said. "This rating for RNZL has now been restored by S&P."

Rabobank Australia & New Zealand is a part of the international Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 110 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 48 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1600 offices and branches. Rabobank Australia & New Zealand is one of Australasia's leading rural lenders and a significant provider of business and corporate banking and financial services to the region's food and agribusiness sector. The bank has 93 branches throughout Australia and New Zealand.

Media contacts:

Denise Shaw

Media Relations
Rabobank Australia & New Zealand
Phone: +61 2 8115 2744 or +61 439 603 525
Email: denise.shaw@rabobank.com

Jess Martin

Media Relations
Rabobank Australia & New Zealand
Phone: +61 2 8115 4861
Email: jess.martin@rabobank.com