TEXT - S&P comments on ING Bank N.V.
(The following statement was released by the rating agency)
Nov 19 - Standard & Poor's Ratings Services said today that the ratings and outlook on ING Bank N.V. (A+/Negative/A-1) and ING Groep N.V. (ING; A/Negative/A-1) were unaffected by the announced amendments to the 2009 Restructuring Plan agreed with the European Commission (EC). We recognize that these amendments provide some extra flexibility for the group in the context of a difficult operating environment. Nevertheless, we currently assess capital and earnings at ING Bank as "adequate" and we expect to maintain this view upon repayment of the capital securities and the agreed premium.
The agreed amendments include an extended time horizon for the completion of planned divestments and a revised schedule for repayment to the Dutch State of the remaining EUR3 billion in core Tier 1 securities plus a 50% premium, in four equal tranches over the next three years. (Caryn Trokie, New York Ratings Unit)