S&P affirms the A+ ratings of ING Canada subsidiaries in its final report
November 3, 2008
ING Canada (TSX : IIC) announced that Standard & Poor’s affirmed earlier today their A+ financial ratings of its primary operating subsidiaries, with a stable outlook. S&P also announced that it was withdrawing these ratings at the company’s request.
The company’s decision to withdraw from S&P’s rating service was based on the fact that ING Canada and its insurance subsidiaries are already rated by three other rating agencies. As a result, ING Canada felt it was unnecessary to continue with the S&P ratings.
ING Canada offers automobile, property and liability insurance to individuals and businesses through its insurance subsidiaries. It is the largest provider of property and casualty insurance in the country with more than $4 billion in direct written premiums. The company's investment subsidiary manages a portfolio of approximately $7 billion, comprised mainly of high quality Canadian securities.
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