|
|
Article: Fitch Affirms ACE Ltd.'s Ratings after Combined Insurance Acquisition Announcement.
- Article from:
- Business Wire
- Article date:
- December 17, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
CHICAGO -- Today, Fitch Ratings announced that it has affirmed all of its ratings on ACE Limited (NYSE:ACE) and ACE's subsidiaries following today's announcement by ACE that it will acquire Combined Insurance Company of America and its subsidiaries (collectively CICA) from Aon Corp. for $2.4 billion.
Fitch's affirmation reflects its belief that ACE's capitalization will be materially unchanged by the acquisition, the integration risk derived from the acquisition will be reasonably well managed, and that CICA provides strategic benefits for ACE.
Fitch anticipates that ACE will use a combination of new $750 million unsecured senior debt, in addition to ...