Tuesday, December 3, 2013 - 08:49
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.
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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.