Moody's on Friday downgraded the ratings of 11 European banks because of the "deteriorating creditworthiness of certain euro area sovereigns," a statement said.
Five big Dutch banks, including ING and ABN Amro, three French
banks, and one each from Belgium and Luxembourg were those
downgraded.
The selected French and Benelux banks were downgraded as part of a
"wider review of European banks," said the ratings agency.
The reviews, initiated in February, were "driven by the difficult
European operating environment caused by the prolonged euro area
crisis."
Dutch banks would face "difficult operating conditions throughout
2012 and possibly beyond," said the statement.
It cut the ratings of Rabobank, ING, ABN Amro and car-related
group LeasePlan by two notches each, while lowering the rating of SNS
Bank by one notch.
In addition, the agency placed ING's rating on negative watch,
while leaving the other four banks on "stable."
Belgium's KBC Group was downgraded by two levels, due to its
"higher sensitivity to the deteriorating European macro-economic
environment," Moody's said.
