LONDON (Standard & Poor's) Dec. 6, 2005--Standard & Poor's Ratings services said today it assigned its 'BBB-' junior subordinated debt rating to the perpetual Preferred Income Equity Replacement Securities (PIERS) to be issued by Bermuda-based Aspen Insurance Holdings Ltd. (Aspen Insurance Holdings; BBB+/Negative/--). The rating is subject to final documentation due by Dec. 12, 2005. "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, the principal operating subsidiaries of which are U.K.-based Aspen Insurance U.K. Ltd.
