Moody’s might upgrade Ageas

Moody's Investors Service said it placed on review for upgrade the Baa2 issuer rating of Ageas SA/NV.

The outlook was changed to rating under review from positive.

The agency said the action follows the decision from the Court of Appeal in Amsterdam to declare binding the Fortis settlement agreement entered into between Ageas and a few claimant organizations for legacy issues related to the break-up of the Fortis Group, whose assets and liabilities Ageas has partly inherited.

Moody’s said it views this as a positive milestone in reducing the uncertainty arising from legal risks and the corresponding financial impact from legacy issues.

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