S&P affirms ACE

Standard & Poor's said it affirmed its A+ counterparty credit and financial strength ratings on ACE Ltd.'s active operating insurance companies.

At the same time, S&P said it affirmed its A- counterparty credit rating on ACE.

The outlook on all these companies is stable.

These affirmations follow ACE's announced $2.4 billion acquisition of Combined Insurance Co. of America, which is expected to close in second-quarter 2008 and will be funded through ACE's existing asset balance in the amount of $1.65 billion and an issuance of unsecured senior notes of $750 million, the agency said.

The result of this transaction is that ACE's capital adequacy ratio is strong and consistent with the rating, S&P added.

© 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.