LONDON (Standard & Poor's) Nov. 9, 2006--Standard & Poor's Ratings services said today it assigned its 'BBB-' debt rating to the perpetual, noncumulative preference shares to be issued by Bermuda-based Aspen Insurance Holdings Ltd. (Aspen Insurance Holdings; BBB+/Negative/--). The rating is subject to final documentation due by the middle of November 2006. The rating reflects the fact that the securities constitute junior subordinated obligations of Aspen Insurance Holdings, currently only ranking senior to the group's ordinary shares with respect to dividend rights and rights upon liquidation, winding-up, or dissolution. "The notes are expected to qualify as Category 2 intermediate ("strong") hybrid capital under Standard & Poor's own classification of securities, being perpetual, deeply subordinated, and having acceptable interest-deferral features," said
