Fitch to assign ACE INA notes A+

Fitch Ratings said it expects to assign an A+ rating to the $700 million senior unsecured 10-year note issuance planned by ACE INA Holdings Inc., a subsidiary of ACE Ltd.

The new notes will be fully and unconditionally guaranteed by ACE and are therefore based on ACE's AA- issuer default rating.

Fitch expects that the net proceeds will refinance $700 million of existing debt maturing in 2015.

On Dec. 10, Fitch affirmed all of ACE's ratings as well as the ratings for its subsidiaries.

The outlook is stable.

The anticipated rating action reflects ACE's continued strong operating performance despite competitive market conditions, strong balance sheet position and financial flexibility with moderate leverage and diverse sources of revenues and earnings.

ACE's operating performance is consistently strong, characterized by low combined ratios with manageable catastrophe losses and consistent favorable loss reserve development and stable investment income, Fitch said. The company has reported a combined ratio under 100% for 10+ consecutive years.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.