S&P cuts Aegon Hungary

Standard & Poor's said it lowered its long-term counterparty credit and insurer financial strength ratings on Aegon Magyarorszag Altalanos Biztosito Rt (Aegon Hungary) to BBB+pi from A-pi.

S&P said that the rating action solely reflects the lowering of the sovereign credit ratings on the Republic of Hungary.

Based on stand-alone characteristics, the ratings reflect Aegon Hungary's very strong, sustained earnings over time, strong overall liquidity and strong capitalization, S&P noted.

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