Posted on 15 Feb 2008
A.M. Best Co. has placed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a” of Seguros ING, S.A. de C.V. (Seguros ING) and ING Fianzas, S.A. de C.V. (ING Fianzas) (both of Mexico) under review with negative implications. These rating actions follow the announcement that Seguros ING’s ultimate parent, ING Group, has entered into an agreement to sell its Mexican property/casualty and life/health operations to AXA Group.
The ratings will remain under review pending further discussions with new management regarding strategic plans for Seguros ING and the company’s future role within AXA Group, as well as the closing of the transaction. A.M. Best will continue to monitor developments as the transaction progresses.
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