ACE Ltd & most related entities upgraded by S&P

JAKARTA: Standard & Poors Ratings Services (S&P) said today that it raised its counterparty credit rating on Switzerland-based insurance and reinsurance holding company ACE Ltd (ACE) to A from A-. At the same time, Standard & Poors raised its counterparty credit and financial strength ratings on ACEs core operating subsidiaries to AA- from A+. Standard & Poors also raised its counterparty credit and financial strength ratings on some of ACEs strategically important subsidiaries by one notch. The outlook on all of these companies is stable. In addition, Standard & Poors raised its counterparty credit and financial strength on ACE subsidiaries Combined Insurance Co. of America and Combined Life Insurance Co. of NY to AA- from A. The outlook on these two companies is also stable. We raised the ratings on ACE and related subsidiaries to reflect our view that ACE has substantially met or exceeded all of our expectations since we revised the outlook to positive on Dec. 19, 2008, said Standard & Poors credit analyst laline Carvalho. Key factors supporting the upgrade are the groups very strong and consistent operating performance, very strong competitive position, positive management and corporate strategy, very strong and improved capital adequacy, very strong investments and liquidity, and improved financial flexibility. The group also benefits from strong enterprise risk management practices, which also support the ratings. (wiw)

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