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S&P downgrades Achmea, subsidiaries

S&P Global Ratings on July 25 downgraded various ratingsof Achmea BV and itssubsidiaries.

S&P lowered Achmea's counterparty credit and insurer financialstrength ratings to BBB+ from A-. The rating agency also lowered thecounterparty credit and insurer financial strength ratings of ,Achmea ZorgverzekeringenN.V. and AchmeaPensioen- en Levensverzekeringen NV to A from A+.

In addition, S&P lowered the ratings of and to A- from A.

The outlook is stable.

The downgrade reflects S&P's downward revision ofAchmea's earnings forecasts for 2016-2018. The rating agency believes theweaker earnings forecast will impact Achmea's ability to service itsoutstanding debt and will weaken its financial flexibility. Lower earningscould also hit Achmea's future capital generation, hurting the group's overallfinancial risk profile.

The stable outlook reflects S&P's expectation thatAchmea will maintain its level of capital adequacy and will maintain itsleadership position in the Dutch non-life and health insurance markets.

S&P Global Ratings and S&P Global MarketIntelligence are owned by S&P Global Inc.