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Moody's said the big three banks benefit from their lock on the Dutch retail banking market, and it believes the Dutch state can and would step in again to save them if need be. "The long-term debt and deposit ratings for four of the five Dutch banking groups downgraded today continue to be positioned above their standalone credit assessments, reflecting Moody's assumption of a high likelihood of systemic support, if needed," it said. Moody's also cut its ratings for two smaller lenders on Friday, LeasePlan Corporation and SNS Bank to Baa2. It gave all a stable outlook for all except ING, which means their ratings are unlikely to change again in the near term. The ratings agency also downgraded three French banks -- Banque Federative du Credit Mutuel, BPCE and CIC
-- as well as KBC from Belgium, and Banque et Caisse d'Epargne de l'Etat from Luxembourg.
[Associated
Press;
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