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Fitch affirms Ageas
Fitch Ratings said it affirmed Ageas SA/NV's long-term issuer default rating at A.
The outlook is stable.
The agency also affirmed Ageas Insurance International NV's long-term issuer default rating at A.
“The ratings reflect Ageas's very strong capitalisation as well as low financial leverage,” Fitch said in a news release.
“However, earnings remain constrained by challenging operating conditions in Belgium and the U.K. and low bond yields limiting the group's investment income.”
The agency said the ratings also reflect the Amsterdam Court of Appeal's decision to declare binding the Fortis settlement agreement entered between Ageas and several claimants.
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