Reinsurer Ace has announced that its 'A plus' financial strength and counterparty credit rating, as well as the ratings of its insurance subsidiaries, have been reaffirmed by Standard & Poor's (S&P).
At the same time the agency lowered the senior debt and issuer credit ratings for Ace to triple 'B plus' from single 'A minus'.
S&P said its decision to reaffirm Ace's ratings followed Ace's assurance that its capital adequacy concerns will be addressed after the completion of a $500m (£319.2m) securities issue.
Ace said it expects to go to the market with its securities offering in the near future.
