Fitch affirms ING Bank

Fitch Ratings said it affirmed ING Bank NV's long-term issuer default rating at A+, short-term issuer default rating at F1+, senior rating at A+/F1+, market-linked notes at A+emr, subordinated debt at A, senior guaranteed notes at A+ and commercial paper at A+/F1+.

Fitch also affirmed the fully owned subsidiary ING Belgium, reflecting the close integration between the two banks. ING Belgium has an A+ long-term issuer default rating, A+ senior rating, F1+ short-term issuer default rating, A+ senior rating, A+ senior guaranteed notes and A+emr market-linked notes.

ING Group and its subsidiary ING Verzekeringen are unaffected by the rating actions.

The ratings consider the sound quality of ING's loan book and the bank's steadily improving profitability, the agency said.

ING Belgium's ratings reflect the view that should ING Belgium require support this is extremely likely to be provided by ING, reflecting the close integration between the two banks and the fact that capital and funding between the two entities is largely fungible, the agency added.

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