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BULLETIN: ACE's IPO Will Not Affect Ratings on Financial Guaranty or Member Subsidiaries
Standard & Poors, Dec 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) Dec. 2, 2003--Standard & Poor's Ratings Services said today that Bermuda-based ACE Ltd.'s (ACE; BBB+/Negative/A-2) announcement that it intends to pursue an IPO of its financial guaranty business--including ACE Guaranty Corp. (AAA/Negative/--) and ACE Capital Re International Ltd. (AA/Stable/--)--will not have an immediate effect on the ratings on ACE's member companies or financial guaranty subsidiaries. The new company will be a Bermuda-based holding company that will acquire the stock of ACE's subsidiaries that conduct its financial guaranty business. The new company expects to file a registration statement with the U.S. Securities and Exchange Commission by year-end 2003 and to complete the IPO in the first half of 2004, subject to market conditions and receipt of...
Companies mentioned in this report are: ACE Ltd.,Assured Guaranty Corp,Assured Guaranty Re Ltd.
Action: S&P Event
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