Fitch assigns A to ING Group debt

Fitch Ratings said it assigned ING Group NV's (A+/stable) upcoming Tier 2 subordinated debt issue an expected long-term rating of A(EXP).

The issue is rated one notch below ING Group's a+ viability rating, reflecting higher than average loss severity for this type of debt than senior unsecured obligations. Fitch said it did not apply additional notching for incremental non-performance risk relative to the viability rating given that any loss absorption would only occur once the bank reaches the point of non-viability.

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