A.M. Best Assigns Debt Rating to ACE INA Holdings, Inc.’s Senior Notes Issue
March 10 2015 - 11:13AM
Business Wire
A.M. Best has assigned a debt rating of “a+” to the $800
million 3.15% senior unsecured notes due March 2025 to be 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, senior
notes maturing in 2017 and 2018. Based on the gross proceeds of
$800 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.
Key insurance criteria reports utilized:
- Catastrophe Analysis in A.M. Best
Ratings
- Equity Credit for Hybrid
Securities
- Insurance Holding Company and Debt
Ratings
- Rating Members of Insurance Groups
- Risk Management and the Rating Process
for Insurance Companies
- Understanding Universal BCAR
This press release relates to rating(s) that have been
published on A.M. Best's website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please visit A.M.
Best’s Ratings & Criteria Center.
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 © 2015 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
A.M. BestDarian Ryan, CPA, 908-439-2200, ext.
5449Senior Financial
Analystdarian.ryan@ambest.comorMichael Lagomarsino, CFA,
, 908-439-2200, ext. 5810Assistant Vice
Presidentmichael.lagomarsino@ambest.comorChristopher
Sharkey, 908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
908-439-2200, ext. 5644Assistant Vice President, Public
Relationsjames.peavy@ambest.com
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