OREANDA-NEWS. Fitch Ratings has affirmed and withdrawn SNS REAAL N.V.'s (SNS Reaal) ratings. The ratings of SNS Bank N.V. (SNS Bank, BBB/Stable/bbb), its main operating subsidiary, are not affected by this rating action. A full list of rating actions is available at the end of this commentary.

KEY RATING DRIVERS
SNS Reaal's IDRs are aligned with those of its main operating company SNS Bank. The ratings have been withdrawn following the reorganisation of the SNS group. Following the sale, on 26 July 2015, of VIVAT Verzekeringen (the group's insurance operations), SNS Bank is now the only operating subsidiary owned by SNS Reaal. However, the ownership of SNS Bank will be transferred to the Dutch state in the next few months. As such, Fitch no longer considers the ratings of SNS REAAL N.V. to be relevant for the agency's coverage.

RATING SENSITIVITIES
No longer relevant as the ratings have been withdrawn.

The rating actions are as follows:
Long-term IDR: affirmed at 'BBB'; Outlook Stable and withdrawn
Short-term IDR: affirmed at 'F3' and withdrawn
Support Rating: affirmed at '5' and withdrawn
Support Rating Floor: affirmed at 'No Floor' and withdrawn