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ACE Ltd. Financial Guarantee and Specialty Subs Not Affected by Parent Asbestos Announcement
Standard & Poors, Jan 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) Jan. 27, 2003--Standard & Poor's Ratings Services said today that the fourth-quarter 2003 asbestos reserve strengthening of $2.18 billion (gross) ($516 million (net)) as announced by ACE Limited (ACE; A-/Watch Neg/A-2) and its subsequent placement on CreditWatch Negative on Jan. 27, 2003, by Standard & Poor's will not affect ACE's subsidiaries, ACE Guaranty Corp. (AAA/Negative/--) and ACE Capital Re International Ltd. (AA/Stable/-); or ACE Capital Re International's respective subsidiaries, ACE Capital Re Overseas Ltd., ACE Capital Mortgage Reinsurance Co., and ACE Capital Title Reinsurance Co. It is Standard & Poor's belief that the stand-alone characteristics of each entity currently support their respective 'AAA' and 'AA' financial strength and financial enhancement ratings. ACE management having conveyed...
Companies mentioned in this report are: Assured Guaranty Corp,ACE Ltd.,Assured Guaranty Mortgage Insurance Company,Assured Guaranty Re Overseas Ltd.,ACE Capital Title Reinsurance Co.,Assured Guaranty Re Ltd.
Action: S&P Event
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