Moody's rates ACE notes A3

Moody's Investors Service said it assigned an A3 rating to $500 million of senior unsecured notes due 2019 to be issued by ACE INA Holdings, Inc., a wholly owned subsidiary of ACE Ltd.

The notes are unconditionally and irrevocably guaranteed on a senior unsecured basis by ACE Ltd.

The outlook is stable.

Proceeds are expected to be used to refinance upcoming debt maturities and for general corporate purposes.

According to Moody's, ratings reflect its solid competitive position in its principal business segments, its diversified spread of risk and good internal liquidity, and its sound capitalization and financial flexibility on a consolidated basis.

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

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