S&P: ING Ratings, Outlook 'Unchanged' by Q2 Profit Decline

Standard & Poor's Ratings Services announced that its ratings and outlooks on ING Groep N.V. (currently 'AA-' - Stable - 'A-1+') and related entities are unchanged following the publication of the Group's second quarter results, which showed a 25 percent decline [See IJ web site - http://www.insurancejournal.com/news/international/2008/08/13/92722.htm]. "The related entities include core insurance and bank subsidiaries, such as ING Bank N.V. (that are rated AA/Stable/A-1+)," said S&P. "ING's performance has been relatively resilient given the economic and market conditions, which partly reflects its excellent diversification," the bulletin continued. "The decline in earnings from the second quarter of 2007 is principally due to two factors: lower investment results, partly owing to equity impairments, and negative... [read full story]