Fitch raises Ageas to A

Fitch Ratings said it upgraded Ageas SA/NV's long term issuer default rating to A from A-.

The outlook on the issuer default rating is stable. Ageas SA/NV is the ultimate holding company of the Ageas group.

The agency also affirmed Ageas Insurance International NV's (an intermediate holding company) long-term issuer default rating at A and AG Insurance's and Ageas Insurance Ltd.’s insurer financial strength ratings at A+.

The outlooks on the issuer default rating and insurer financial strength ratings are stable.

Fitch said the actions follow Ageas' announcement that it reached a settlement agreement with several claimant organizations with regard to all civil proceedings related to the former Fortis group for events that occurred in 2007 and 2008. Ageas also announced that it has reached an agreement with its Directors and Officers' (D&O) insurers. All the parties involved will submit the settlement agreement to the Amsterdam Court of Appeal in accordance with Dutch applicable procedures.

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