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Bulletin: ING Verzekeringen N.V. Ratings Not Affected By Announced Sale Of Latin American Pension Business And Q2 Results Aug 11
Standard & Poors, Aug 2011
Abstract
LONDON (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that its ratings on ING Verzekeringen N.V. (INGV; A-/Negative/A-2) are unaffected by the recent announcement that the group had reached an agreement to sell its Latin American insurance, pensions, and investment management businesses to Grupo de Inversiones Suramericana S.A. (BBB-/Watch Neg/--) for -2.7 billion. The sale is consistent with ING's strategy to divest its insurance operations before the end of 2013. The transaction is expected to improve INGV's capital adequacy and reduce leverage, which in our view are current weaknesses in its rating profile. ING has also recently announced its second-quarter results. The insurance operations continue to show resilience in underlying performance and progress toward meeting key...
Companies mentioned in this report are: ING Verzekeringen N.V.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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