S&P rates ING U.S. notes BBB-

Standard & Poor's said it assigned a BBB- senior unsecured debt rating to ING U.S. Inc.'s $850 million senior unsecured notes due 2022.

ING U.S. is the U.S. insurance holding company doing business as ING America Insurance Holdings Inc.

Lion Connecticut Holdings Inc., a subsidiary and intermediary U.S. holding company of ING U.S., guarantees these notes.

The rating reflects the high-quality investments and rigorous asset-liability management of the company, S&P said.

The proceeds will be used in part to retire about $300 million in commercial paper and $500 million in short-term bank debt.

This transaction represents part of the capital plan that was established to decouple the U.S. insurance operations from ING Group NV in advance of the U.S. insurance operations' planned initial public offering by the end of 2013, the agency said.

More specifically, this transaction will increase the level of third-party funds and extend the term structure of ING U.S.'s debt maturities, S&P said.

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