S&P might upgrade Ageas

S&P said it placed on CreditWatch with positive implications its BBB long-term and A-2 short-term issuer credit ratings on Ageas SA/NV.

The agency also placed on CreditWatch positive the BB+ issue ratings on the €1.25 billion hybrid perpetual bonds issued by Ageas Finlux and Ageas is a co-obligor.

S&P said the CreditWatch placement follows the announcement regarding Ageas’ approval from the National Bank of Belgium to operate reinsurance activities.

The status change from non-operating to operating holding company, if effectively executed and depending on the significance and volumes of the operating activities, could benefit the ratings on Ageas by up to two notches, the agency said.

S&P said it also takes into account Ageas' announcement that BNP Paribas Fortis did not exercise the put option it holds on the 25%+1 share stake in AG Insurance.

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