LONDON (Standard & Poor's) Dec. 13, 2005--Standard & Poor's Ratings services said today it affirmed its 'BBB-' junior subordinated debt rating on the $200 million 5.625% perpetual Preferred Income Equity Replacement Securities (PIERS) issued by Bermuda-based Aspen Insurance Holdings Ltd. (Aspen Insurance Holdings; BBB+/Negative/--), following receipt of final documentation. The issue raised aggregate net proceeds of approximately $194 million. "The rating reflects the fact that the securities constitute junior subordinated obligations of Aspen Insurance Holdings and will rank junior to all Aspen Insurance Holdings' other current indebtedness," said Standard & Poor's credit analyst Marcus Rivaldi. The rating on Aspen Insurance Holdings reflects its position as the holding company of the Aspen group (Aspen), the principal operating subsidiaries of which are
