…and more trouble for the Core: Downgrade looming for the Netherlands?

Per Credit Writedowns (I missed this last week):

The negative outlook on the banks’ BFSRs is driven by Moody’s view that the operating environment in the Netherlands is becoming more challenging than previously anticipated. This implies greater downside risk in asset quality in areas where the banks have large concentrations, beyond the impact that normal cyclical changes would be expected to have.

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