S&P ups ACE subsidiaries

Standard & Poor's said it corrected the rating to AA- from A+ on ACE Ltd. subsidiary Illinois Union Insurance Co. and the rating to A+ from A on subsidiary ACE INA Insurance.

The outlook was changed to stable from positive.

Due to an error, the ratings on these two ACE subsidiaries were not raised along with the ratings on ACE Ltd. and most of its related operating subsidiaries.

The upgrade on Illinois Union reflects a view that this legal entity is a core member of the ACE group, S&P said.

The raised ratings on ACE INA Insurance reflect a view that this legal entity is strategically important to the ACE group, the agency said.

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