Moody’s continues Voya Insurance review

Moody's Investors Service said it continued the review for downgrade of the A2 insurance financial strength rating of Voya Insurance and Annuity Co., a wholly owned subsidiary of Voya Financial, Inc.

The review was initiated on Dec. 21 following Voya’s announcement of its plan to sell Voya Insurance to a consortium of investors led by affiliates of Apollo Global Management LLC (unrated).

The sale is expected to close by the third quarter.

No other Voya ratings are affected by this review.

Moody’s said the ongoing review will focus on, among other things, Voya Insurance’s capital structure, business and investment strategy, regulatory capital levels and any capital and/or planned financial support from the new owners.

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