ACE INA Holdings Inc. Proposed Senior Notes Rated 'A+'

NEW YORK (Standard&Poor's) March 9, 2015--Standard&Poor's Ratings Services said today that it assigned its 'A+' senior unsecured debt rating to ACE INA Holdings Inc.'s proposed $800 million senior unsecured notes due 2025. The senior notes are each fully and unconditionally guaranteed by Switzerland-based ultimate parent ACE Ltd. (ACE). ACE will use the proceeds of this offering to repay $500 million of its 5.70% senior notes maturing in February 2017 and $300 million of its 5.80% senior notes maturing in March 2018. We also expect ACE to pay down $450 million of 5.6% senior notes and $700 million of 2.6% senior notes on their May 2015 and November 2015 maturities, respectively. After the debt repayment, we expect

...NEW YORK (Standard & Poor's) March 9, 2015--Standard & Poor's Ratings Services said today that it assigned its 'A+' senior unsecured debt rating to ACE INA Holdings Inc.'s proposed $800 million senior unsecured notes due 2025. The senior notes are each fully and unconditionally guaranteed by Switzerland-based ultimate parent ACE Ltd. (ACE). ACE will use the proceeds of this offering to repay $500 million of its 5.70% senior notes maturing in February 2017 and $300 million of its 5.80% senior notes maturing in March 2018. We also expect ACE to pay down $450 million of 5.6% senior notes and $700 million of 2.6% senior notes on their May 2015 and November 2015 maturities, respectively. After the debt repayment, we expect the company to maintain financial leverage of less than 20% by year-end 2015. We expect EBITDA (excluding net realized gains and losses from investments and noneconomic/asymmetrical impact of derivatives) fixed-charge coverage to be at least 8x in 2015 and 2016. RELATED CRITERIA...

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