CHICAGO--(BUSINESS WIRE)--Fitch Ratings has upgraded the ratings on Voya Holdings Inc.'s (Voya Holdings) senior unsecured debt to 'A+' from 'A'. These notes are guaranteed by ING Group and their rating is therefore based on ING Group's 'A+' long-term Issuer Default Rating (IDR).
KEY RATING DRIVERS
On April 14, 2016 Fitch upgraded the long-term IDR of ING Group to 'A+' from 'A.' The Outlook is Stable. See <a href="https://www.fitchratings.com/site/fitch-home/pressrelease?id=1002508">'Fitch Upgrades ING Bank and ING Group to 'A+'; Outlook Stable'</a> for additional details.
The rating of the Voya Holdings notes is directly linked to the credit quality of ING Group, the guarantee provider. A change in Fitch's assessment of the credit quality of ING Group would automatically result in a change of the rating on the Voya Holdings notes. Any change in Fitch's view on the contract of guarantee, or deterioration in the credit quality of the counterparties may result in a downgrade of the notes.
FULL LIST OF RATING ACTIONS
Fitch has upgraded the following ratings:
Voya Holdings Inc.
--7.25% senior notes due Aug. 15, 2023 to 'A+' from 'A';
--7.63% senior notes due Aug. 15, 2026 to 'A+' from 'A';
--6.97% senior notes due Aug. 15, 2036 to 'A+' from 'A'.
Additional information is available on www.fitchratings.com
Insurance Rating Methodology (pub. 16 Sep 2015)
Dodd-Frank Rating Information Disclosure Form