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Moody's: ING U.S. notes Baa3
Moody's Investors Service said it assigned a Baa3 senior debt rating with a stable outlook to $850 million of 10-year senior notes issued in a Rule 144A private placement by ING U.S., Inc.
The notes are guaranteed by Lion Connecticut Holdings, Inc.
Proceeds will be used for repayment of commercial paper, to retire intercompany loans and pay down bank debt.
Moody's said that the rating is based on an unconditional and irrevocable guarantee by Lion Connecticut, which also supports the issuer rating of ING. Because of the structural subordination of ING's obligations to those of Lion Connecticut, ING's senior debt rating would be a notch lower without the Lion Connecticut guarantee.
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