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Bulletin: ING Groep And Subsidiaries Ratings Unaffected By Announced Subordinated Debt Exchange And Tender Offers Dec 11
Standard & Poors, Dec 2011
Abstract
LONDON (Standard & Poor's) Dec. 12, 2011--Standard & Poor's Ratings Services said today that its ratings on ING Groep N.V. (A/Stable/A-1) and its subsidiaries ING Bank N.V. (A+/Stable/A-1) and ING Verzekeringen N.V. (A-/Negative/A-2) are unaffected by the group's announcement today of exchange and tender offers for seven tranches of subordinated debt securities. The securities offered for exchange or tender amount to about -5.8 billion. We consider these offers as opportunistic, as defined by our criteria (see 'Rating Implications Of Exchange Offers And Similar restructurings, Update,' published May 12, 2009). As a result, the 'BBB' ratings on the instruments under offer for exchange or tender are also unaffected by today's announcement. We will assess the impact of the offers after the...
Companies mentioned in this report are: ING Groep N.V.,ING Verzekeringen N.V.,ING Bank 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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