Dutch cooperative bank Rabobank lost its cherished triple-A rating from Standard & Poor's as the global banking crisis finally caught up with the only bank still holding the mark.

The unlisted bank had long prided itself on its triple-A rating and said during the financial crisis it was not tempted to snap up a bargain if it put the rating at risk. Rabobank maintains a conservative capital and liquidity stance.

Rabo is a major Dutch lender and operates in 47 other countries, with many of its 10 million customers in agricultural areas, echoing its origins as a provider of loans to farmers.

But S&P cut its long-term rating on the bank to AA from AAA as part of a sweeping overhaul of its ratings. Credit ratings influence how much a bank pays to borrow funds, and offers a guide to financial health.

Some 15 big names were cut, including HSBC and UBS, but Rabo was the only bank in Europe to fall by two notches.

"The one that jumps out is Rabobank's downgrade by two notches, which is more significant given that it was triple-A," said Carlo Mareels, credit analyst at RBC Capital Markets.

Rabobank remains the highest rated privately owned bank in the world, according to S&P. Moody's still has a Aaa rating on Rabobank, but with a negative outlook, and Fitch rates it AA+.

Reuters