Rabo loses AAA status in S&P downgrade wave

Rabobank has lost its AAA rating from S&P after the ratings agency implemented its well-flagged new ratings criteria for banks on 37 of the largest global financial institutions. The Dutch lender was the only bank to receive a two-notch downgrade, going from AAA (negative outlook) to AA (stable outlook). Rabo had held a AAA rating from S&P since 1981.