OLDWICK, N.J.--(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
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