Standard & Poor's has affirmed its 'A+' counterparty credit and financial strength ratings on the insurance operations of ACE Group.
S&P said its outlook for the Bermudan insurer's ratings was negative.
The ratings agency added that the negative outlook reflects its belief that ACE's capital adequacy ratio will remain at 145%.
An S&P statement said: "Conversely, ACE's near-term earnings potential and financial strength will continue to be burdened by capital-management pressures, sizeable goodwill, and material exposure to credit risk."
