(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)