Standard & Poor's said today it had affirmed its AA+ counterparty credit and insurer financial strength ratings on ING Re Netherlands. The outlook is negative.
This moves follows the rating agency's annual review of the company.
An associate director at Standard & Poor's Financial Services Group, Simon Marshall, said: "The outlook on ING Re Netherlands reflects the company's status as a core entity of the ING insurance group and is driven by the outlook on the parent, INGV."
S&P said the negative outlook is "driven by concerns that management might be challenged in translating INGV's recently acquired impressive U.S. life business position into the expected improved earnings.
"Notwithstanding the recently announced plans to reduce headcount by 15%, the challenge of integration remains significant, culturally, operationally, and legally. In addition, the negative economic trends in the U.S. provide limited margin for error".
