S&P upgrades AG Insurance, Ageas

Standard & Poor's said it raised its long-term financial strength and counterparty credit ratings on AG Insurance and Ageas Insurance Ltd., the core operating subsidiaries of Ageas, to A from A-.

At the same time, the agency raised the counterparty credit rating on holding company Ageas SA/NV to BBB from BBB-.

The outlook on all ratings is stable.

S&P also raised the long-term ratings on the group's junior subordinated debt and the short-term rating on Ageas Finance NV's commercial paper by one notch.

S&P said the actions reflect its view that Ageas' overall financial risk profile has strengthened within the strong level, as Ageas has been managing its capital adequacy within the AAA range per the criteria.

The agency expects Ageas to continue to manage its capital adequacy, adjusted to also include share buybacks, dividends and acquisitions, consistent with at least the AA range.

S&P continues to view Ageas' financial risk profile and business risk profile as strong. According to the criteria, this results in an anchor of a or a-. It now views Ageas' credit profile as more in line with an a anchor, based on the view that Ageas' financial risk profile is more confirmed at the strong level.

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