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TEXT-Fitch affirms ING, ABN and BNG's IDR; revises outlooks to negative
February 6, 2013 / 2:10 PM / 5 years ago

TEXT-Fitch affirms ING, ABN and BNG's IDR; revises outlooks to negative

RATING DRIVERS AND SENSITIVITIES - GOVERNMENT GUARANTEED DEBT

ING Bank’s and ABN AMRO’s state guaranteed debt securities are rated ‘AAA’, reflecting the Netherlands’ guarantee and so are sensitive to any change in the Netherlands’ rating.

SUSBIDIARY AND AFFILIATED COMPANY RATING DRIVERS AND SENSITIVITIES

ING Belgium is considered by Fitch as a ‘core’ subsidiary to ING Bank and its Long-term IDR is equalised with ING Bank‘s, in line with the agency’s criteria ‘Rating FI Subsidiaries and Holding Companies’. The revision of ING Belgium’s Outlook reflects ING Bank’s and ING Belgium’s IDR is sensitive to any change in ING Bank’s IDR.

In Fitch’s opinion, ING BSK is a strategically important subsidiary of ING Bank. It support-driven Long-term IDR is notched once from that of its parent. The revision of the Outlook on ING BSK’s Long-term IDR to Negative from Stable reflects that on ING Bank. ING BSK’s IDRs are sensitive to any change in ING Bank’s IDR or to any change in Fitch’s view on theDutch’s state propensity to allow support to flow through to the Polish subsidiary.

ABN AMRO Funding USA LLC is ABN AMRO’s wholly-owned funding subsidiary issuing US commercial papers whose rating is aligned with ABN AMRO’s Short-term IDR and sensitive to any change in this rating.

OTHER RATINGS UNAFFECTED

This rating action only affects those ratings that would be likely to change if the Netherlands’ sovereigns rating changed. Fitch has not specifically reviewed the banks’ VRs, and their subordinated and hybrid debt ratings are notched from their VRs, so do not factor in any possibility of extraordinary support.

The rating actions are as follows:

ABN AMRO

Long-term IDR: affirmed at ‘A+'; Outlook Revised to Negative from Stable

Short-term IDR: affirmed at ‘F1+’

Viability Rating: ‘bbb+', unaffected

Support Rating: affirmed at ‘1’

Support Rating Floor: affirmed at ‘A+’

Commercial paper: affirmed at ‘F1+’

Long-term senior unsecured notes: affirmed at ‘A+’

Short-term senior unsecured notes: affirmed at ‘F1+’

Subordinated debt: ‘BBB’, unaffected

Non-innovative Tier 1 subordinated debt (XS0246487457): ‘BB’, unaffected

Upper Tier 2 subordinated debt (XS0244754254): ‘BB+', unaffected

Dutch government guaranteed securities: affirmed at ‘AAA’/‘F1+’

ABN AMRO Funding USA LLC

Short-term senior unsecured notes: affirmed at ‘F1+';

BNG

Long-term IDR: affirmed at ‘AAA’; Outlook Revised to Negative from Stable

Short-term IDR: affirmed at ‘F1+’

Support Rating: affirmed at ‘1’

Support Rating Floor: affirmed at ‘AAA’

Long-term and short-term senior unsecured debt: affirmed at ‘AAA’ and ‘F1+’

European Commercial Paper: affirmed at ‘F1+’

Long-term market linked senior unsecured debt: affirmed at ‘AAA(emr)’

ING Group

Long-term IDR: affirmed at ‘A’; Outlook Revised to Negative from Stable

Short-term IDR: affirmed at ‘F1’

Support Rating: affirmed at ‘1’

Support Rating Floor: affirmed at ‘A’

Senior unsecured debt rating affirmed at ‘A’/‘F1’

Subordinated Perpetual Preference Shares (US456837AC74): ‘BB+', unaffected

ING Bank

Long-term IDR: affirmed at ‘A+'; Outlook Revised to Negative from Stable

Short-term IDR: affirmed at ‘F1+’

Viability Rating: ‘a’, unaffected

Support rating: affirmed at ‘1’

Support Rating Floor: affirmed at ‘A+';

Subordinated debt: ‘A-', unaffected

Senior unsecured Notes: affirmed at ‘A+/F1+’

Short-term senior unsecured notes: affirmed at ‘F1+’

Market-Linked Notes: affirmed at ‘A+emr’

Commercial paper affirmed at ‘A+/F1+’

Dutch government guaranteed securities: affirmed at ‘AAA’/‘F1+’

ING Belgium

Long-term IDR: affirmed at ‘A+'; Outlook Revised to Negative from Stable

Short-term IDR: affirmed at ‘F1+’

Support rating: affirmed at ‘1’

Senior unsecured Notes: affirmed at ‘A+’

Market-Linked Notes: affirmed at ‘A+emr’

Senior guaranteed notes: affirmed at ‘A+’

ING BSK

Long-term foreign currency IDR: affirmed at ‘A’; Outlook Revised to Negative from Stable

Short-term foreign currency IDR: affirmed at ‘F1’

Viability Rating: ‘bbb+', unaffected

Support Rating: affirmed at ‘1’

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