ING Group affirmed at 'AA-' with stable outlook - Fitch |
|
|
|
Published
:
Mon, 30 Jul 2007 13:36
|
MUMBAI (Thomson Financial) - Fitch Ratings said it has affirmed the long-term issuer default ratings of ING Group and ING Verzekeringen NV at 'AA-' with stable outlooks and their short-term IDR at 'F1+'.Fitch also said it affirmed ING Bank NV's long-term IDR at 'AA' with a stable outlook and short-term IDR at 'F1+', individual rating at 'A/B', support rating at '1' and support rating floor at 'A-'.The ratings agency added it affirmed a number of other bank and insurance companies of the group, while withdrawing the rating of ING Life Insurance Company of America as it is no longer a licensed insurance company.Fitch said ING Bank's ratings reflect its strong franchise not only domestically, but also internationally in Belgium, its second home market, and in several other mature markets via ING Direct, its direct banking subsidiary.The banking franchise also benefits from being part of the larger ING Group. The bank's ratings also take into account its healthy profitability, sound asset quality and adequate capital, Fitch said.The ratings agency said the insurance operations ratings reflect their strong capital adequacy and profitability, their excellent geographic diversification and moderate risk profile.Fitch added that the rationale for the ratings of ING Insurance's US life insurance operations (ING-US) include strong market positions in the US retirement savings and life insurance markets, a broad product portfolio with diversified distribution channels, a solid balance sheet and the implicit support of parent company ING Verzekeringen NV.TFN.newsdesk@thomson.comrsh/manCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
|
|
|
|
|
|
Print this Story
KBC Bank, KBC Verzekeringen, KBC Group ratings affirmed - Fitch 