S&P gives ACE INA notes A-

Standard & Poor's said it assigned its A- senior debt rating to ACE INA Holdings Inc.'s $450 million of senior notes offering, which is fully and unconditionally guaranteed by ACE Ltd. (A-/stable/A-2).

ACE's financial flexibility is strong, the agency said, noting that the company's debt to total capital was 17% as of first-quarter 2008.

However, because ACE has a large amount of goodwill, tangible capital is a more appropriate denominator, the agency said, adding that the rating on ACE reflects its operating insurance companies' very strong collective competitive position as a global and diversified property/casualty group and their strong financial flexibility, strong capitalization and strong operating performance.

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