Ratings agency Standard & Poor's has assigned its 'A+' rating to Chubb's planned $525m (£335m) capital raising plans.

Credit analyst Michael Gross said: "The issuance is being drawn from Chubb's previously rated shelf and will be used for general corporate purposes, including capital contributions to operating subsidiaries."

Explaining the decision, Standard & Poor's said the rating depends on net premium growth of 30% in 2002.

In addition, it revealed it expects a combined ratio of less than 100% for 2002, excluding catastrophic events.

Gross added: "Financial leverage is expected to remain satisfactory for the current ratings level."

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