Fitch Ratings affirmed the long-term issuer default rating of BBB+ of Voya Financial Inc. and Equitable of Iowa Cos. Inc.

The outlook of Voya Financial's rating was revised to stable from negative, reflecting the company's improved financial profile.

Also, the rating agency affirmed with a stable outlook the A insurer financial strength ratings of Voya Financial's life insurance subsidiaries, Voya Retirement Insurance and Annuity Co., ReliaStar Life Insurance Co., ReliaStar Life Insurance Co. of New York and Security Life of Denver Insurance Co.

The affirmation of the ratings considers Voya Financial's strong balance sheet fundamentals and moderate business profile. The ratings also recognize the company's strong and improving operating performance within its core businesses.