An aqueous coating material, substantially or completely free from volatile organic compounds and preparable by mixing with one another (A) at least one aqueous primary dispersion comprising dispersed and/or emulsified, solid and/or liquid polymer particles and/or dispersed solid core/shell particles with a diameter .ltoreq.500 nm, preparable by free-radical microemulsion or miniemulsion polymerization of at least one olefinically unsaturated monomer in the presence of at least one hydrophobic additive, and (B) at least one secondary aqueous polyurethane dispersion comprising at least one polyurethane and at least one light stabilizer selected from the group of the regenerable free-radical scavengers, a process for preparing it and its use.