Moody's downgrades Dutch and Belgian banks

Ratings agency Moody's has downgraded five Dutch banking groups including ING, Rabobank, and ABN AMRO, and Belgium's biggest bank and insurer KBC Group.

Moody's cited concerns over recession, regional debt crises, and dependence on wholesale funds as the reasons for the cut.

The agency predicts tough operating conditions for the Dutch banks until at least the year's end.
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