Moody's affirms ACE INA

Moody's Investors Service said it affirmed ACE INA Holdings Inc.'s senior unsecured debt at A3 and subordinated debt at Baa1 and ACE Capital Trust II's backed preferred securities at Baa1.

The outlook is stable.

During the third quarter, indirect parent company ACE Ltd.'s investment portfolio declined as a result of meaningful credit spread widening and the group recorded significant realized and unrealized losses. However, the agency said the credit quality of ACE's fixed-income portfolio remains high and that ultimate economic losses on the investment portfolio are likely to be less that what current market values suggest.

Moody's said the affirmation reflects ACE's solid competitive positions in its principal business segments, its diversified spread of risk and good internal liquidity and its sound capitalization on a consolidated basis.

These strengths are tempered by challenges associated with managing a complex global operation, the intrinsic volatility of some of ACE's insurance and reinsurance businesses and its exposure to natural catastrophes and adverse claim trends, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.