CHICAGO - (Business Wire) Fitch Ratings has upgraded Lion Connecticut Holdings' guaranteed, senior unsecured debt ratings to 'A' from 'BBB+'. The rating reflects that the notes are guaranteed by ING Group, the ultimate parent organization within the ING family of companies. The rating on the notes is equivalent to ING Group's 'A' senior unsecured debt rating, reflecting the unconditional guarantee of punctual payment of principal and interest. Fitch's previous rating was based upon an assumption that the guarantee was provided by ING Verzekeringen, a subsidiary of ING Group, and holding company for ING Group's insurance operations. ING Verzekeringen's senior unsecured debt is rated 'BBB+' by Fitch. The upgrade followed a review of documentation recently received by Fitch that clarified that the guarantee was provided by ING Group and not ING Verzekeringen.
Lion Connecticut Holding, Inc, is a subsidiary of ING Americas Holdings (AIH), an indirect subsidiary of ING Group and is successor to Aetna Services, Inc. formerly Aetna Life and Casualty Company, the original issuer of these notes. AIH is the holding company for all of ING Group's insurance operations in the United States.
Fitch upgrades Lion Connecticut Holdings, Inc.'s debt ratings as follows:
--Senior unsecured notes, guaranteed by ING Group, to 'A' from 'BBB+'.
Additional information is available at 'www.fitchratings.com'.
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