(The following statement was released by the rating agency)
May 30 -
Summary analysis -- ING Groep N.V. -------------------------------- 30-May-2012
CREDIT RATING: A/Stable/A-1 Country: Netherlands
Primary SIC: Holding
Mult. CUSIP6: 456837
Credit Rating History:
Local currency Foreign currency
03-Sep-2009 A/A-1 A/A-1
31-Mar-2009 A+/A-1 A+/A-1
ING Groep N.V. is the Netherlands-incorporated nonoperational holding company of the ING group, active in both banking and insurance operations internationally, primarily through ING Bank N.V. and ING Verzekeringen N.V. (INGV), respectively.
In October 2009, ING announced that, as required by the European Commission’s (EC) state aid investigation, it would spin off its insurance operations by the end of 2013. As a result, Standard & Poor’s Ratings Services’ ratings on ING no longer incorporate any benefits to the group from the diversification provided by owning banking and insurance operations. Our ratings on ING Groep now primarily reflect the strength of its banking operations, and that ING is rated one notch lower than the issuer credit rating on ING Bank, in line with our criteria on bank nonoperational holding companies. However, an unanticipated marked deterioration in INGV’s financials could represent a contingent risk for the group’s ratings until the change of ownership is executed.