Moody's rates ACE INA notes A3

Moody's Investors Service said it assigned an A3 rating to about $700 million of senior unsecured notes to be issued by ACE INA Holdings, Inc., a wholly owned subsidiary of ACE Ltd.

The notes are unconditionally guaranteed on a senior unsecured basis by ACE Ltd., and rank pari passu with its other senior unsecured obligations.

The outlook is stable.

The ratings are based on an unconditional guarantee of the senior notes provided by ACE, Moody's said, and on the ACE group's solid competitive position in its principal business segments.

These fundamental strengths are tempered by challenges associated with managing and maintaining underwriting discipline across a complex global operation, the agency said.

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