S&P upgrades ING Bank

S&P said it raised the long-term counterparty credit ratings on ING Group's core subsidiaries – ING Bank NV, ING Belgium SA/NV and ING Financial Markets LLC – to A+ from A and affirmed the A-1 short-term ratings.

Additionally, the agency upgraded the group's highly strategic subsidiary ING Bank (Australia) Ltd. to A/A-1 from A-/A-2.

At the same time, S&P affirmed the A-/A-2 ratings on ING Groep NV, the non-operating holding company (NOHC).

The outlook on all the long-term ratings is stable.

Furthermore, the agency removed the "under criteria observation" (UCO) designation added on July 20, to the ratings on ING group rated entities, following the publication of the risk-adjusted capital (RAC) framework criteria update on that day, having now completed the criteria review for ING group rated entities.

S&P said the upgrade reflects its expectation that in the coming two years ING Group will build a sizable buffer of bail-in-able debt protecting its bank's senior creditors, while maintaining strong capital adequacy metrics thanks to resilient financial performance, supportive internal capital generation and a broadly similar risk profile.

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