/RATINGS: Moody's writes: "The credit...>

NETHERLANDS: /RATINGS: Moody's writes: "The credit profile of the Netherlands

(Aaa stable) reflects its diversified, competitive and flexible economy, as well

as high income levels... With its highly open and sometimes volatile economy,

the Netherlands has an elevated exposure to global trade protectionism & to

uncertainty about the post-Brexit environment. An ageing population poses

longer-term challenges to growth & fiscal metrics. "Following several years of

strong growth, we forecast that real GDP growth will slow to 1.2% on average in

2020-21," said Steffen Dyck, a Moody's Vice President - Senior Credit Officer

and the report's co-author. "Domestic demand will be the main growth driver,

with a strong labour market supporting private consumption." For 2020, downside

risks to Moody's growth forecast stem predominantly from uncertainty about the

impact from the coronavirus. The country's domestic credit challenges include

high levels of household and corporate debt, which would likely weaken growth if

interest rates were to rise faster than expected or if the house price cycle

were to turn abruptly. The stable rating outlook indicates that Moody's does not

see any immediate downward pressure on the Aaa rating."