LONDON (Bloomberg) — Aviva Plc, ING Groep NV and Aegon NV had their credit ratings cut by Standard & Poor's Ratings Services, which said the outlook for the European insurers was negative amid financial market turmoil and a global recession.

"We are of the opinion that the worsening outlook for credit risk, combined with continued volatility and weakness in equity markets, will remain a key rating sensitivity for global multi-line insurers in 2009 and potentially in 2010," S&P said yesterday in a statement.

S&P lowered the long-term counterparty credit rating for Aviva to A from A+ and cut Aegon to A- from A+. ING was reduced to A+ from AA-. The rating company also cut its counterparty credit and insurer financial strength ratings on some operating entities of Aegon, ING and Assicurazioni Generali SpA.

"The ratings remain supported by our view of the insurers' very strong competitive positions, generally sound business fundamentals, and robust liquidity," S&P said.