Moody's schreef:
CONFIRMATION OF HYBRID RATINGS, POSITIVE OUTLOOK
Moody's confirmation of the group's Ba1 and B1 hybrid securities reflects the European Commission's decision not to force coupon deferral on these securities as part of its approval of ING's state-aid package. The current ratings of the hybrid securities reflect our view that, given the restructuring of the group, there is still some risk of coupon deferral on these securities. The positive outlook reflects the possibility of these ratings to go up when the execution risk deriving from the group's restructuring process diminishes.
All of the hybrid securities contain a dividend pusher provision. However, Moody's notes that the dividend pusher is not applicable as no dividend has been paid since August 2008.
The Ba1 rating on the cumulative hybrid securities reflects the fact that the coupon payments on these instruments are cumulative, thereby limiting the loss severity of a coupon deferral if this were to occur.
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Op de ING site zag ik dat S&P afgelopen vrijdag ratings heeft afgegeven voor ING Verzekeringen. Zie
www.ing.com/cms/idc_cgi_isapi.dll?Idc...Citaat:
[quote=S&P]
Outlook
The negative outlook on ING Verzekeringen and certain operating insurance subsidiaries reflects our view of the significant execution risks associated with the divestment of ING's insurance operations, and the potential for strategic and operational disruption to the underlying businesses. We may lower the ratings if we see evidence that the performance of ING's insurance business is being impaired by the uncertainty surrounding its divestment. We also anticipate that the capital adequacy and capital quality of divested businesses will be consistent with the current ratings. If this assumption is proven incorrect, this could also lead to a downgrade.
The outlook could be revised to stable if the group demonstrates a high level of resilience in underlying performance as measured by new sales, margins, client balances, and underlying profits.