Moody’s Downgrades Banks in Belgium and the Netherlands

“ING Groep NV (INGA) and KBC Groep NV were among banks in Belgium and the Netherlands 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, Belgium’s biggest bank and insurer, was also lowered two grades, the ratings company said.”

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