This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

A.M. Best Assigns Debt Rating To New Senior Unsecured Notes Of ING U.S., Inc.

Stocks in this article: VOYA

A.M. Best Co. has assigned a debt rating of “bbb” to the recently issued $400 million 5.70% senior unsecured notes, due 2043 of ING U.S., Inc. (ING U.S.) (headquartered in New York, NY). The notes were issued in a 144A private placement and guaranteed by Lion Connecticut Holdings, Inc. The assigned outlook is stable. ING U.S., which plans to be rebranded as Voya Financial, completed its initial public offering (IPO) in early May, and trades on the New York Stock Exchange under the symbol “VOYA.”

ING U.S. intends to use the note proceeds for general corporate purposes including the repayment of intercompany borrowings. Following the May 2013 IPO, ING Groep N.V.’s (ING Group) (Netherlands) ownership of ING U.S. was reduced to approximately 71%.

The rating recognizes ING U.S.’ strong market position in the life insurance and retirement markets, profitable operating results and its sound level of risk-adjusted capital. The assigned rating also reflects A.M. Best’s favorable view of ING U.S. management’s execution on its capital plans. Over the last 12 months, ING U.S. has issued $2.6 billion of senior notes and hybrid securities, while raising approximately $1.5 billion from the IPO of which about $600 million was retained by ING U.S. These transactions have enabled ING U.S. to ladder its debt maturities and take advantage of the lower cost of funds. ING U.S.’ financial leverage and earnings before interest and taxes interest coverage remain within A.M. Best’s guidelines for its current ratings. Moreover, ING U.S.’ financial flexibility has been enhanced as the ordinary dividend capacity of the insurance operating companies was recently restored. A.M. Best notes that ING Group has until the end of 2016 to complete the sale of its ownership in ING U.S.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit

Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs