MOODY'S AFFIRMS RATINGS OF ING BANK AT Aa2/PRIME-1/B+ AND AFFIRMS RATINGS OF ALL RATED SUBSIDIARIES
Moody's affirmed the Aa2/Prime-1/B+ ratings of ING Bank and affirmed the ratings of all its rated subsidiaries. The affirmation followed Moody's announcement yesterday that it was placing on review for possible downgrade the debt ratings of ING Groep and ING Verzekeringen (both rated Aa2 for senior debt). Moody's noted that the financial strength rating of ING BHF-Bank remains on review for possible downgrade.
Moody's said that ING Bank's financial condition remains robust even though its earnings have been somewhat reduced by higher provisioning charges. The rating agency noted that the bank's recurring earnings and capital levels remain sound; that the bank's business franchise remains strong; and that the bank is developing new sources of revenue which will further strengthen its income profile.
Moody's commented that it believes the ING Group is committed to maintaining sound capital levels at ING Bank, and it expects the bank to preserve a good level of economic capitalisation.
The ING Group, including ING Bank, is based in Amsterdam in the Netherlands. The bank had assets of €443bn at the end of 2001.
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