Moody's upgrades Voya

Moody's Investors Service said it upgraded Voya Holdings, Inc.’s long-term issuer rating to Baa2 from Baa3, Voya Financial, Inc.’s issuer rating and senior debt rating to Baa2 from Baa3 and junior subordinated debt rating to Baa3(hyb) from Ba1(hyb), Equitable of Iowa Cos. Capital Trust II’s preferred stock rating to Baa3(hyb) from Ba1(hyb) and ING USA Global Funding Trust 3’s funding agreement-backed senior secured debt to A2 from A3. The outlook is stable.

Debt ratings guaranteed by ING Groep NV, Voya's minority owner, were not affected by these rating actions.

Moody's said the upgrades were based on Voya's continuing improvement in its financial profile, particularly profitability and financial flexibility.

"Voya Financial continues to make progress in increasing its profitability and debt service coverage metrics, as it focuses on repricing its core retirement businesses," Moody’s vice president and senior credit officer Laura Bazer said in an agency news release.

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