(The following statement was released by the rating agency)
Oct 11 - Standard & Poor's Ratings Services said today that its ratings and outlook on ING Verzekeringen N.V. (INGV; A-/Negative/A-2) are unaffected by the company's announcement that it has reached an agreement to sell its Malaysian insurance business to AIA Group Ltd. for EUR1.3 billion.
This announcement is part of what we understand will be an ongoing process by ING Groep N.V. (ING; A/Stable/A-1) to divest its Asian insurance and asset management businesses. We expect the transaction will improve INGV's financial risk profile, particularly its capital adequacy initially, which we view as a current weakness in its rating profile.
(Caryn Trokie, New York Ratings Unit)