Moody’s Cuts ING Group, ING Insurance Ratings
New York, April 8 - Moody's Investors Service lowered today the debt ratings of ING Groep N.V. (ING Group) and ING Verzekeringen (ING Insurance) to Aa3 from Aa2 for senior debt and to A1 from Aa3 for subordinated debt. The debt ratings of ING America Insurance Holdings, Inc (ING AIH) and related subsidiaries were also lowered (senior debt to Aa3 from Aa2). In addition, the insurance financial strength ratings of ING Insurance's U.S. operating companies were lowered to Aa3 from Aa2 (see below for detailed list of ratings affected). The Prime-1 ratings for the short-term debt of ING Verzekeringen N.V. and of ING AIH were not on review and were affirmed. All ratings now have a stable outlook. This concludes the review for possible downgrade that was initiated on December 5, 2002. The Aa2/Prime-1/B+ ratings of ING Bank N.V. were not affected by this rating action Moody's said that the lowering of ING Group and ING Insurance's ratings primarily reflected their declining solvency due to the fall in global equity markets, as well as to the drain on capital associated with the group's rapid expansion in recent years, both organically and through acquisitions.
Published on April 8, 2003
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