Fitch rates ACE INA notes A

Fitch Ratings said it assigned an A rating to the $700 million of five-year senior debt issued today by ACE INA Holdings Inc., a subsidiary of ACE Ltd.

The new notes are fully and unconditionally guaranteed by ACE and based on ACE's A+ issuer default rating, the agency said. The proceeds will be used to repay various existing bank debt scheduled to mature over the next three years.

The outlook is stable.

The agency also said it affirmed ACE's issuer default rating at A+, $500 million senior notes due 2014 at A, $450 million senior notes due 2015 at A, $500 million senior notes due 2017 at A, $300 million senior notes due 2018 at A, $500 million senior notes due 2019 at A, $100 million senior debentures due 2029 at A and $300 million senior notes due 2036 at A.

The agency also affirmed ACE Capital Trust II's $300 million capital securities due 2030 at BBB+.

The ratings were affirmed following year-to-date third quarter financial results, Fitch said.

The ratings reflects ACE's recent strong operating performance, solid balance sheet and financial flexibility and diverse sources of revenues and earnings, Fitch said.

Partially offsetting these positives is the effect of modestly rising accident-year combined ratios and the effect of continued significant competition in the company's chosen markets, the agency said.

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