S&P: NN Group view to developing

Standard & Poor's said it revised to developing from stable the outlook on some NN Group entities, including NN Group NV, Nationale-Nederlanden Levensverzekeringen Maatschappij NV (NN) and ING Re (Netherlands) NV.

The agency also said it affirmed the BBB+ long-term and A-2 short-term counterparty credit ratings on NN Group NV and the A long-term counterparty credit and insurer financial strength ratings on NN and ING Re.

Although NN Group is part of the wider ING group, the agency said it expects it to start to be divested via an initial public offering during 2014 because ING Groep NV has committed to the European Commission to divest more than 50% of NN Group by year-end 2015.

Therefore, the current limit on the ratings on NN Group's subsidiaries caused by the ongoing linkages between ING and its insurance subgroup could end within the two-year rating horizon, the agency said.

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