...- Aspen has taken corrective actions over the past two years to re-underwrite its portfolio and reduce its expenses. It has also strengthened its balance sheet by protecting its prior year reserves and maintaining a higher level of capital in excess of the '###' level. - Despite these improvements, Aspen's 2019 results continue to highlight the pricing challenges that it faces. - We think it will take longer than we previously expected for Aspen to show improved underwriting results consistently at a level in line with 'A' rated peers. - We are downgrading Aspen's core subsidiaries, Aspen Bermuda Ltd. and Aspen Insurance U.K. Ltd., to 'A-' from 'A'. We are also downgrading its nonoperating holding company, Aspen Insurance Holdings Ltd., to '###' from '###+'. - The stable outlook reflects our expectations that Aspen will defend its competitive position, its performance will gradually improve, and the group will remain highly capitalized....
