Moody's Investor's Service says it has cut the credit ratings of five Dutch banks and that the difficult conditions for banks in the Netherlands are likely to continue throughout the year and possibly longer.

The ratings service said in a statement that the affected banks include ING and ABN AMRO, whose ratings were cut by two notches to A2. ING was put on a negative outlook.

Moody's also says business is likely to remain difficult because of falling house prices in the Netherlands and the European debt crisis.

Last month, Moody's cut the debt ratings of 16 Spanish banks by one to three notches, citing the effects of the ongoing recession and the reduced creditworthiness of the Spanish government.