S&P Downgrades ING Groep Rating

Following downgrade of the Netherlands’ credit rating to AA +, Standard & Poor’s (S&P) has lowered the credit ratings of Dutch financial firm ING Groep NV and its banking unit. Standard & Poor's / Flickr The rating agency has downgraded the ING rating to A- from A, and ING Bank long-term issuer default rating to A from A+, Bloomberg News reports. The outlook is stable. Ratings for Rabobank Nederland, ABN Amro Bank NV and SNS Bank NV were left unchanged. S&P said that the Netherlands’ economic growth prospects were weaker than anticipated. “The lowering of the long-term rating on ING Bank is based on the reduction in the uplift for government support that we factor into,” S&P said in a statement.