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S&P rates ACE INA notes A+
Standard & Poor’s said it assigned its A+ senior unsecured debt rating to ACE INA Holdings Inc.’s proposed $800 million senior unsecured notes due 2025.
The senior notes are each fully and unconditionally guaranteed by ACE Ltd.
ACE will use the proceeds of this offering to repay $500 million of its 5.7% senior notes maturing in February 2017 and $300 million of its 5.8% senior notes maturing in March 2018. S&P also expects ACE to pay down $450 million of 5.6% senior notes and $700 million of 2.6% senior notes on their May 2015 and November 2015 maturities, respectively.
After the debt repayment, S&P said it expects the company to maintain financial leverage of less than 20% by year-end 2015.
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