OREANDA-NEWS. Fitch Ratings has affirmed Netherlands-based Achmea Bank N.V.'s Long-term Issuer Default Rating (IDRs) at 'A-' and Short-term IDR at F2'. The Outlook on the Long-term IDR is Stable. A full list of rating actions is available at the end of this rating action commentary.

KEY RATING DRIVERS - IDRS, SENIOR DEBT RATINGS AND SUPPORT RATING
Achmea Bank's IDRs and senior unsecured debt rating are based on Fitch's view of the extremely high probability that it would receive support, in case of need, from its parent, Achmea BV (Achmea), the holding company of the Dutch insurance group, combined with Fitch's view of Achmea's creditworthiness.

Fitch considers Achmea Bank as a 'core' subsidiary to Achmea given our view that it is in an integral part of the Achmea group, a leading Dutch insurance company operating predominantly in the Netherlands. Achmea Bank consolidates the group's retail banking operations, offering primarily mortgage loans. It is an important cross-selling tool for Achmea and its mortgage products are strategically linked to the selling of the group's insurance products

RATING SENSITIVITIES - IDRS, SENIOR DEBT RATINGS AND SUPPORT RATING
Achmea Bank's IDRs, Support Rating and senior unsecured debt ratings would be sensitive to any perceived changes in its strategic importance to its parent as well as a change in the creditworthiness of its the parent. Achmea Bank's ratings would also be sensitive to a significant change in Achmea's regulatory capital position or indications that capital fungibility within the group has changed.

The rating actions are as follows:

Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F2'
Support Rating affirmed at '1'
Senior unsecured notes affirmed at 'A-/F2'

The 'AAA' rating on the covered bonds issued by Achmea Bank is not affected by these rating actions.