Fitch affirms ACE

Fitch Ratings said it has affirmed all of its ratings on ACE Ltd. and ACE's subsidiaries following today's announcement by ACE that it will acquire Combined Insurance Co. of America and its subsidiaries from Aon Corp. for $2.4 billion.

Fitch said its affirmation reflects its belief that ACE's capitalization will be materially unchanged by the acquisition, the integration risk derived from the acquisition will be reasonably well managed and that Combined provides strategic benefits for ACE.

Fitch added that it anticipates that ACE will use a combination of new $750 million unsecured senior debt, in addition to $1.65 billion of internal capital, to finance the proposed acquisition.

The agency said it believes that ACE's pro forma debt to capital ratio increase of roughly three points is still well within an acceptable level for ACE's current rating category.

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