Fitch affirms ACE

Fitch Ratings said it affirmed ACE Ltd.'s A+ issuer default rating and the A- rating on its $575 million preferred stock.

The outlook is stable.

The actions reflect ACE's recent strong operating performance, solid balance sheet and financial flexibility and ACE's diverse sources of revenue and earnings, Fitch said.

Partially offsetting these strengths is Fitch's expectation of contracting underwriting margins related to heightened competition and reduced rates in many of ACE's lines of business, the agency noted.

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