Fitch rates Chubb INA notes A

Fitch Ratings said it assigned an A rating to Chubb INA Holdings Inc.'s new $1 billion notes fully and unconditionally guaranteed by Chubb Ltd.

The issuance ranks pari passu with Chubb's currently outstanding unsecured notes and are thus rated equivalently, Fitch said.

Existing ratings assigned to Chubb are unaffected by the action.

The company plans on using the proceeds for general corporate purposes including the repayment of maturing debt in 2024.

Financial leverage on a net basis will remain the same at about 18%, Fitch said.

“Chubb's ratings reflect the company's very strong business profile, financial performance and capitalization,” the agency said in a news release.

“The ratings also reflect anticipated challenges in a competitive property/casualty market and investment markets.”

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