AM Best has assigned a bbb+ rating to ACE INA Holdings’ $500m ten year 5.875% senior unsecured notes. The rating has a stable outlook.
The notes are guaranteed by ACE INA’s parent company, Bermuda-based ACE Limited, and are being issued under the company’s existing shelf registration.
Subject to this issue, there will be $425m of remaining capacity under the shelf, said AM Best.
The ratings agency said that proceeds from the current offering will be used to repay $400m of 8.2% senior notes maturing in August 2004 and to redeem $75m of subsidiary trust preferred securities.
AM Best said the rating reflects ACE’s excellent consolidated operating performance, management’s determined focus on underwriting profitability, well-defined and executed base strategies and decreased financial leverage.
