S&P downgrades Aegon

S&P said it downgraded holding company Aegon NV and its senior unsecured debt to BBB+ from A- and the outlook on Aegon and its subsidiaries to negative from stable and affirmed the subsidiaries’ ratings.

The group plans to sell ASR Nederland NV for €4.9 billion through a combination of cash and equity shares in ASR. The deal is expected to close in the second half of 2023.

“We believe the divestment weakens Aegon's business profile because it is no longer supported by the group's second-largest profit contributor,” the agency said in a press release.

The decision to sell ASR also triggered the outlook revision to negative, S&P said.

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