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Rating Action:

MOODY'S RATES AEGON CAPITAL SECURITIES A3; CHANGES RATING OUTLOOK ON AEGON'S DEBT (SENIOR AT A2) TO STABLE FROM NEGATIVE

09 Jul 2004
MOODY'S RATES AEGON CAPITAL SECURITIES A3; CHANGES RATING OUTLOOK ON AEGON'S DEBT (SENIOR AT A2) TO STABLE FROM NEGATIVE

AFFIRMS FINANCIAL STRENGTH RATINGS ON U.S. OPERATING COMPANIES AT Aa3 AND ON SCOTTISH EQUITABLE AT A1

Paris, July 09, 2004 -- Moody's Investors Service changed the rating outlook on AEGON N.V.'s debt ratings to stable from negative. The rating agency also affirmed its Aa3 insurance financial strength (IFS) ratings on AEGON's U.S. operating companies, as well as its A1 IFS rating on Scottish Equitable, AEGON's main U.K. operating company. In addition, Moody's also assigned an A3 rating to AEGON N.V.'s forthcoming perpetual capital securities debt issuance.

Moody's said the outlook change is based on a number of positive developments at the company, including an improvement in the group's earnings power and cash flows, the recently completed sale of most of Transamerica Finance Corporation, and improved equity and credit markets over the past eighteen months. Moreover, the group has been rationalizing its expense infrastructure, focusing on profitable underwriting, and improving its capital management. Collectively, these developments have positively impacted AEGON's liquidity and risk profile.

The stable ratings outlook also reflects the improvement in AEGON's overall solvency, as well as its steady financial leverage position and its good debt service capacity. Moody's added that the group's superior diversification in terms of business lines, products, and distribution channels continues to support the current notching of its debt ratings from the IFS ratings on its main operating units. The rating agency said that it expects AEGON will continue to expand both organically and through acquisitions, and added that Moody's will continue to monitor AEGON's financial leverage, capitalization, and earnings capacity.

Finally, Moody's said its A3 rating on the forthcoming perpetual capital securities reflects the level of subordination of this new issuance. The rating agency viewed positively the fact that the proceeds from the new issuance will be used to replace existing senior debt that is maturing.

The following ratings were affirmed with a stable outlook:

AEGON N.V. -- senior debt at A2, subordinated and junior subordinated debt at A3 and commercial paper at Prime-1;

AEGON Funding Corp. -- senior debt guaranteed by AEGON N.V. at A2, commercial paper guaranteed by AEGON N.V. at Prime-1;

AEGON Funding Corp. II -- senior debt guaranteed by AEGON N.V. at A2;

Commonwealth General Corporation -- senior debt at A3;

Transamerica Corporation -- senior debt at A3, preferred stock at Baa2;

Transamerica Capital I -- trust preferred stock at Baa1;

Transamerica Capital II -- trust preferred stock at Baa1;

Transamerica Capital III -- trust preferred stock at Baa1;

Monumental Global Funding Limited -- senior secured notes at Aa3;

Monumental Global Funding II -- senior secured notes at Aa3;

Scottish Equitable plc Long Term Fund -- insurance financial strength rating at A1;

Transamerica Financial Life Insurance Company -- insurance financial strength at Aa3, short-term insurance financial strength at Prime-1;

Life Investors Insurance Co. of America -- insurance financial strength at Aa3;

Stonebridge Life Insurance Company -- insurance financial strength at Aa3;

Monumental Life Insurance Company-- insurance financial strength at Aa3, short-term insurance financial strength at Prime-1;

Peoples Benefit Life Insurance Company -- insurance financial strength at Aa3, short-term insurance financial strength at Prime-1, issuer rating at A1;

Transamerica Life Insurance and Annuity Company -- insurance financial strength at Aa3, short-term insurance financial strength at Prime-1;

Transamerica Life Insurance Company -- insurance financial strength at Aa3, short-term insurance financial strength at Prime-1;

Transamerica Occidental Life Insurance Company -- insurance financial strength at Aa3, short-term insurance financial strength at Prime-1;

Western Reserve Life Assurance Co. of Ohio -- insurance financial strength at Aa3.

AEGON N.V., headquartered in The Hague, The Netherlands, is an international provider of life insurance, pension and investment products, and reported consolidated total assets of €244 billion and shareholders' equity of €14 billion as of March 31, 2004.

London
Mark Hewlett
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Jean-Luc Lepreux
Senior Vice President
Financial Institutions Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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