Standard & Poor's has affirmed its triple-A/A1-plus ratings on Rabobank Nederland NV and its related entities.

The outlook on the bank's long-term rating has been revised to "stable" from "negative." The outlook on Primary Industry Bank of Australia Ltd.'s foreign currency issuer credit rating remains "positive."

The ratings reflect the group's important position in the Netherlands, its excellent asset-quality record, and its strong capitalization, S&P said.

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