S&P Raises ING Comercial America Ratings to ‘A-‘

April 19, 2002

Standard & Poor’s removed from CreditWatch and raised its counterparty credit and financial strength ratings on ING Comercial America Seguros S.A. de C.V. to single-‘A’-minus from triple-‘B’ “because of the Mexican insurer’s strategic importance to its ultimate parent, ING GROEP N.V.”

S&P Noted that the “ING Groep’s objective is to become a dominant force in any market it enters. ING Comercial America has the largest share of the Mexican property/casualty market and the second largest share of the Mexican life/health market, which will help advance its parent’s objective.” It’s also received a capital injection of $287 million and managerial commitments from its parent, as well as adding the ING name.

“Over the medium term, Standard & Poor’s expects an overall improvement in ING Comercial America’s financial fundamentals, with particular emphasis on overall profitability. On the business side, the insurer is expected to maintain its market position in all lines of business, but greater participation in life is anticipated,” the announcement concluded.

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