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Moody’s downgrades Voya debt to Baa1
Moody's Investors Service said it downgraded the guaranteed senior debt of Voya Holdings Inc. to Baa1 from A3.
The action follows the recent downgrade of the senior unsecured debt of ING Groep, NV to Baa1, stable, from A3, negative, on May 28.
The Voya Holdings debt, which is guaranteed by ING, the former owner of Voya Financial, Inc. (senior debt at Baa2/stable, guaranteed by Voya Holdings), remains on review for further downgrade.
No other ratings are affected by this rating action.
Moody's said the downgrade aligns the Voya Holdings guaranteed senior debt rating with the recent downgrade of ING. The review for further downgrade will focus on the priority of claim of the guarantee, as well as other aspects of the loan documentation related to credit substitution.
The agency added that without the guarantee from ING, the debt would be rated Baa2.
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