info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
DIVERSITY & INCLUSION
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Announcement:

Moody's affirms ING insurance ratings; outlook changed to negative

13 Dec 2010

London, 13 December 2010 -- Moody's Investors Service affirmed the A2 insurance financial strength (IFS) ratings of the US life insurance subsidiaries (collectively, ING US -- see list, below) of ING Groep N.V. (ING Group, senior debt at A1, stable) and the Baa1 senior rating of ING Verzekeringen N.V. (ING Insurance), but changed the outlook on these ratings to negative from developing. Other insurance-affiliated ratings were also affirmed with a negative outlook, with the exception of the A1 senior debt rating of Lion Connecticut Holding, Inc. which is guaranteed by ING Group, and has a stable outlook, the Ba1 preferred stock rating of Equitable of Iowa Capital Trust II and the Ba1 subordinated debt of ING Insurance, whose outlooks are positive (see complete rating list below).

The rating affirmation and outlook change to negative follow a number of ING Group announcements regarding its insurance operations, including a new 'base plan' for two separate listings - one US focused and one European led IPO - by 2012, as well as sizable charges in 3Q10 and expected in 4Q10 related to its U.S. insurance operations.

Commenting on the rating affirmation for ING US, Moody's said it was based on the group's well-established, and in some cases, strong positions in certain sectors of the U.S. retirement services and life insurance markets, as well as strong regulatory capital adequacy, as measured by NAIC Risk Based Capital Ratios (RBC). According to Vice President and Senior Credit Officer, Laura Bazer: "Parental capital support received by ING US, particularly during the financial crisis, together with additional macro hedging for its legacy variable annuity (VA) business, has helped the company rebuild capitalization as it moves towards public ownership." Moody's would expect ING Group to continue to provide support to ING US -- in the form of commercial paper and other debt guarantees, capital and/or liquidity, if it should be needed, at least until the IPO is completed.

The rating agency also noted positively ING US' recent initiatives to exit or de-emphasize non-core, and/or underperforming businesses (i.e., reinsurance, institutional investment products, etc.), although this will also result in a smaller, less diversified business. The A2 IFS rating on the U.S. subsidiaries represents their stand-alone, intrinsic credit profile, given ING Group's plans for their ultimate divestiture.

Commenting on the change in outlook for ING US to negative from developing, Moody's said it was triggered by ING Group's clarification of its divestiture plan for its global insurance operations. In the past, Moody's had placed greater weight on the possibility of a trade sale among divestiture options. Given ING Group's focus on an IPO for ING US, the developing outlook - which had incorporated the possibility of a sale of ING US to a higher-rated acquirer - is no longer appropriate.

Instead, the rating agency said a negative outlook is now appropriate because - although core earnings have shown recent signs of improvement -- ING US's net income remains weak, due to both continuing legacy variable annuity issues, as well as above-average investment losses, largely from structured securities. Charges taken in 3Q10 and expected in 4Q10 will continue to depress earnings and internal capital generation. Moody's pointed out that the outlook on ING US' ratings would have been negative as of October 2009, excluding the possibility of a trade sale. The current negative outlook also incorporates the uncertainty and execution risk associated with the IPO process.

In terms of the change in outlook of ING Insurance - the holding company for the insurance subsidiaries globally - Moody's said that the negative outlook primarily reflects pressures on the US insurance operations. Given the uncertainty about the ultimate structure of the group following the divestiture of the insurance operations, the senior debt rating of ING Insurance currently reflects the combined credit strength of the group's various insurance operating entities.

The Ba1 preferred stock rating of Equitable of Equitable of Iowa Capital Trust II and the Ba1 subordinated debt of ING Insurance reflect Moody's opinion on the risk of coupon deferral on these hybrid securities. The positive outlook reflects the possibility that this rating may be upgraded when the execution risk associated with the group's restructuring process diminishes.

The following factors could result in a downgrade of ING US' ratings: 1) the erosion of ING US' business franchise and distribution, resulting in declining core retirement product and life insurance sales and operating earnings; 2) returns on capital consistently in the low single digits; 3) asset losses of $1 billion in 2011; 4) RBC ratio falling below 325%; or 5) consolidated financial leverage above 30% and earnings coverage below 4x.

Because the outlook is negative, an upgrade of ING US' ratings is not likely. However, the following factors could bring it back to stable: 1) improvement in core product earnings and stabilization of non-core product earnings (i.e., legacy VA), resulting in consistent return on capital in the mid-single digits; 2) RBC consistently at or above 325%; and 3) financial leverage of less than 30% and earnings coverage of greater than 4x.

The following ratings were affirmed with a negative outlook from developing:

- ING Life Insurance & Annuity Company: insurance financial strength rating at A2;

- ING USA Annuity and Life Insurance Company: insurance financial strength rating at A2, short-term insurance financial strength ratings at P-1;

- Security Life of Denver Insurance Company: insurance financial strength rating at A2;

- Reliastar Life Insurance Company: insurance financial strength rating at A2;

- Reliastar Life Insurance Company of New York: insurance financial strength rating at A2;

- ING USA Global Funding Trust 3: senior secured debt rating A2;

- ING Security Life Institutional Funding: senior secured rating at A2 and P(A2);

- ING Verzekeringen N.V.: senior debt rating at Baa1; short-term rating for commercial paper at (P)Prime-2;

- ING America Insurance Holdings, Inc.: senior debt rating (guaranteed by ING Verzekeringen N.V.) at (P)Baa1; rating for Euro commercial paper (guaranteed by ING Verzekeringen N.V.) at (P)Prime-2; rating for U.S. commercial paper (guaranteed by ING Verzekeringen N.V.);

- Lion Connecticut Holdings, Inc.: long-term issuer rating at Baa2.

The following rating was affirmed with a stable outlook:

- Lion Connecticut Holdings, Inc.: senior unsecured debt rating (guaranteed by ING Groep NV) at A1.

The following ratings were affirmed with a positive outlook:

- Equitable of Iowa Companies Capital Trust II: Ba1 cumulative preferred stock (with optional coupon deferral provision) rating.;

- ING Verzekeringen NV: Ba1 cumulative dated subordinated debt securities with optional coupon deferral provision.

ING Life Insurance & Annuity Company, ING USA Annuity and Life Insurance Company, Reliastar Life Insurance Company, Reliastar Life Insurance Company of New York, and Security Life of Denver Insurance Company are all wholly indirectly-owned life insurance subsidiaries of ING Groep, N.V.. Based in Amsterdam, ING Groep N.V. had total assets of EUR1,261 billion at 3Q10 and reported net income of EUR2.78 billion for the nine months ending September 30, 2010.

Based in Amsterdam, ING Verzekeringen N.V., had total consolidated assets amounting to EUR326 billion at end-September 2010 and reported a net loss of EUR588 million on a consolidated basis for the nine months ending September 30, 2010.

The principal methodology used in rating of ING Verzekeringen N.V. and its global affiliates was Moody's Global Rating Methodology for Life Insurers, May 2010. Other rating methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

The last rating actions on ING Insurance and ING US took place on 27 October 2009 when Moody's downgraded the insurance financial strength ratings of ING Group's US life insurance operating companies to A2 from A1 and ING Verzekeringen's senior debt to Baa1 from A2 and assigned a developing outlook . ING Verzekeringen's short-term Prime-1 debt rating was also downgraded to Prime-2. The last rating actions on the subordinated securities took place on 02 February 2010 when Moody's confirmed the Ba1 ratings of ING Verzekeringen NV's subordinated debt securities and Equitable of Iowa Companies Capital Trust II's preferred stocks with a positive outlook. The B1 rating of ING Capital Funding Trust III's trust preferred securities was also confirmed with a positive outlook.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations. Please see Moody's website at www.moodys.com/insurance for more information.

New York
Laura Bazer
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

London
Antonello Aquino
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms ING insurance ratings; outlook changed to negative
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
Moodys.com