Fitch applies A to Chubb notes

Fitch Ratings said it assigned an A to Chubb INA Holdings Inc.'s €1.8 billion issuance of new senior unsecured notes.

This debt is fully and unconditionally guaranteed by Chubb Ltd.

The new issues will be rated equivalent to the ratings of Chubb's existing senior debt.

Proceeds will be used to pre-fund debt maturing in both 2018 and 2019 in addition to $1 billion junior subordinated debenture due 2067. Therefore, the impact on pro forma financial leverage is minimal. Financial leverage was approximately 20% and interest coverage was 7 times as of year-end 2017, Fitch said in a news release.

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