Voya Financial Inc. had a successful IPO and continues to make progress on its strategic goals as shown by its improved operating performance and very strong capital and earnings. As a result, we are raising our ratings on Voya Financial to 'BBB' from 'BBB-' and on its subsidiaries to 'A' from 'A-'. At the same time, we are revising the outlook to stable from positive. The stable outlook reflects Voya's strong business risk profile and very strong financial risk profile On Feb. 17, 2015, Standard&Poor's Ratings Services raised its ratings on Voya Financial Inc. and intermediate holding company Voya Holdings Inc. to 'BBB' from 'BBB-' and on the company's operating subsidiaries: Voya Retirement Insurance and Annuity Co., Voya