Fitch revises Aegon Bank view to stable

Fitch Ratings said it revised Aegon Bank NV's outlook to stable from negative.

The long- and short-term issuer default ratings were affirmed at A- and F2, respectively. The support rating was affirmed at 1.

The outlook revision on Aegon Bank mirrors that on its parent Aegon NV.

Aegon Bank's issuer default ratings and support rating are driven by potential support from Aegon, in case of need. Fitch views Aegon Bank as a strategically important subsidiary of Aegon given the strong synergies between Aegon Bank and Aegon's insurance activities in the Netherlands, a core market for the group. Through Aegon Bank the group can offer banking products to increase cross-selling and strengthen customer loyalty.

The agency views the subsidiary as “strategically important” but not “core” to Aegon, and this is reflected in Aegon Bank's long-term issuer default rating being notched down once from Aegon's.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.