Japan-Based NN Life Insurance Ratings Affirmed At 'A-'; Off CreditWatch Negative; Outlook Stable

We lowered our ratings on Netherlands-based NN Group by one notch and removed them from CreditWatch, where we had placed them with negative implications following the announcement of its planned acquisition of the Delta Lloyd group. We are affirming our 'A-' financial strength and long-term counterparty credit ratings on the group's Japan-based subsidiary, NN Life Japan. The affirmation reflects our view that the subsidiary's status within NN Group is moderately strategic. This view supports our ratings on NN Life Japan for a one-notch uplift from its 'bbb+' stand-alone credit profile. At the same time, we are removing our ratings on NN Life Japan from CreditWatch negative. The outlook is stable. TOKYO (S&P Global Ratings) May 15, 2017--S&P Global Ratings today

...+ We lowered our ratings on Netherlands-based NN Group by one notch and removed them from CreditWatch, where we had placed them with negative implications following the announcement of its planned acquisition of the Delta Lloyd group. + We are affirming our 'A-' financial strength and long-term counterparty credit ratings on the group's Japan-based subsidiary, NN Life Japan. The affirmation reflects our view that the subsidiary's status within NN Group is moderately strategic. This view supports our ratings on NN Life Japan for a one-notch uplift from its '###+' stand-alone credit profile. + At the same time, we are removing our ratings on NN Life Japan from CreditWatch negative. The outlook is stable. TOKYO (S&P Global Ratings) May 15, 2017--S&P Global Ratings today said it has affirmed its 'A-' financial strength and long-term counterparty credit ratings on Japan-based NN Life Insurance Co. Ltd. (NN Life Japan) and removed the ratings from CreditWatch with negative implications. The outlook...

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