Fitch: Aegon negative

Fitch Ratings said it affirmed Aegon NV's long-term issuer default rating at A and its senior unsecured debt at A-.

The agency also affirmed the insurer financial strength ratings of Aegon's primary North American life insurance subsidiaries at AA-.

The agency also said it revised the outlooks on Aegon's long-term issuer default rating and the insurer financial strength ratings of its primary North American life insurance subsidiaries to negative from stable.

Fitch said the outlook revision reflects the company's financial leverage as calculated by Fitch, as well as the fact that the company's fixed-charge cover remains materially outside stated guidelines for the rating level.

The ratings are likely to be downgraded if financial leverage does not improve to below 30% and fixed-charge cover to above 5x.

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