OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best has assigned a debt rating of “a+” to the $700 million
3.35% senior unsecured notes due 2024 that were recently issued by ACE
INA Holdings, Inc. (ACE INA) (Delaware), a subsidiary of ACE
Limited (ACE) (Zurich, Switzerland) (NYSE: ACE), the guarantor of
the notes. The outlook assigned to the rating is stable.
ACE INA intends to use the net proceeds from the offering, plus, if
necessary, any available cash to repay at maturity $700 million of
senior notes maturing in November 2015. Based on the gross proceeds of
$700 million, financial leverage and coverage measures are expected to
remain within A.M. Best’s guidelines for the assigned rating. The
existing ratings of ACE and its subsidiaries are unchanged.
The methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria
employed in the rating process. Best’s Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2014 by A.M. Best Company, Inc.ALL RIGHTS
A.M. Best Company
Darian Ryan, 908-439-2200, ext. 5449
Morrow, 908-439-2200, ext. 5378
Senior Manager, Public
Lagomarsino, CFA, 908-439-2200, ext. 5810
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Source: A.M. Best Company