By Russell Ward – Jun 14, 2012 7:39 PM PT
ING Groep NV (INGA), Rabobank Nederland and three other Dutch banking groups were cut by Moody’s Investors Service on concern that the recession, regional debt crisis and dependence on wholesale funds makes them vulnerable.
Long-term debt ratings at ING, Rabobank Nederland, ABN AMRO Bank NV and LeasePlan Corporation NV were lowered by two grades, and SNS Bank NV received a one-level cut, Moody’s said in a statement today. KBC Groep NV (KBC), Belgium’s biggest bank and insurer, was also lowered two grades, the rating company said.
A giant poster hides construction work taking place on the Belgium headquarters of ING Groep NV’s building in Brussels. Photographer: Jock Fistick/Bloomberg
European policy makers are struggling to contain financial turmoil that forced the Spanish government to seek a 100 billion euro ($126 billion) bailout for its banks on June 9. Mounting concern about Spain’s public finances and Greece’s June 17 elections, which may determine its exit from the euro, are intensifying the crisis, now in its third year.