Standard&Poor's has assigned its commercial paper ratings to ACE Ltd. and to ACE INA Holdings Inc. The commercial paper of ACE INA has the guarantee of its parent, ACE Ltd. * Very strong operating performance: ACE's operating performance has been excellent as measured by three-year average return on revenue (33%), return on earnings (17%), and return on assets (8%). * Strong diversified business review: ACE's diversification program, launched in 1994, has led to a meaningful spread of risk compared with its past reliance on excess liability and director's and officer's liability insurance. * Very strong capital adequacy: Capital adequacy for the ACE companies, prior to the acquisition of the property and casualty operations of the CIGNA Corp., remains
