...Diversified and Leading Benelux Franchise: ING Groep N.V.'s (ING) ratings are driven by the group's strong franchise in retail and wholesale banking in the Benelux region. This supports resilient profitability, which is consistent with similarly rated western European banks. The ratings are supported by a well-balanced funding profile, strong profitability and a conservative risk profile. They also consider the bank's medium-term common equity Tier 1 (CET1) capital ratio target of about 13%, which is low compared with some similarly rated peers. Ratings Reflect Consolidated Group: Fitch Ratings assesses the group on a consolidated basis, as ING Bank N.V., which is the main operating company (opco), is ING's only significant asset, and the failure risk of the two entities is substantially the same. ING acts as the holding company (holdco) for the group, and its Viability Rating (VR) is equalised with ING Bank's VR. The group is regulated on a consolidated basis, there is no double leverage...
