Voya's operating profile has stabilized with significant reduction in market and insurance risk. We are raising our ratings on Voya and its subsidiaries and rating its proposed preferred stock issuance. The stable outlook reflects our expectation that VOYA will maintain its market position, balance-sheet strength, capital adequacy, and liquidity position. On June 11, 2019, S&P Global Ratings raised its long-term issuer credit rating on Voya Financial Inc. and Voya Holdings Inc. to 'BBB+' from 'BBB' and its issuer credit and financial strength ratings on Voya Retirement Insurance and Annuity Co., Midwestern United Life Insurance Co., Reliastar Life Insurance Co. , Reliastar Life Insurance Co. of New York, and Security Life of Denver Insurance Co. (collectively VOYA) to 'A+' from 'A'.
