In line with its announcement on ACE Ltd. (See above article), Standard & Poor’s Ratings Services announced that it has also revised its outlook to stable from negative on its “A” counterparty credit and financial strength ratings on ACE Insurance Ltd. (Australia) and ACE Insurance Ltd. (New Zealand).
“These rating actions followed a similar action yesterday on its U.S.-based parent, ACE Ltd. (ACE) and its core group of insurance operating entities,” said S&P. It also noted that the revision follows ACE’s recent $1.5 billion common equity issuance and a preliminary reserve review by S&P.
“This issuance will improve ACE’s capital adequacy, which had decreased because of after-tax losses of $742 million related to Hurricane Katrina, Hurricane Rita, and other catastrophes,” said the announcement. ”
S&P also noted that its “preliminary reserve review has not found any material difference between the company’s estimates and its own.”
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