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Moody's rates ACE notes
Moody's Investors Service said it has assigned an A3 rating to the proposed issue of $500 million in senior unsecured notes to be issued by ACE INA Holdings, an indirect wholly owned subsidiary of ACE Ltd.
The net proceeds from the offering will be used to redeem $75 million of subsidiary trust preferred securities and to refinance $400 million of notes maturing in August 2004.
The outlook is stable.
According to Moody's, the rating reflects the company's reasonably strong competitive positions in its principal business segments; its good spread of risk and internal liquidity; its sound capitalization; and the good financial and business profile of its principal subsidiary operations. These fundamental strengths are tempered by challenges associated with managing an increasingly complex global operation, the intrinsic volatility of some of ACE's insurance and reinsurance businesses, and exposures to adverse claim development trends in its core casualty and mass-tort liability exposures.
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