Moody's rates Chubb notes A3

Moody's Investors Service said it assigned A3 ratings to about €900 million of 1.55% senior notes due 2028 and €900 million of 2.5% senior notes due 2038 to be issued by Chubb INA Holdings Inc.

The senior debt is unconditionally guaranteed by Chubb Ltd., Moody's said.

The proceeds will be used to repay $600 million of its 5.75% senior notes due May 15, 2018, $100 million of its 6.6% debentures due August 15, 2018 and $500 million of its 5.9% senior notes due June 15, 2019, Moody's said.

The proceeds will be used to redeem the $1.0 billion aggregate principal amount of its directly issued subordinated capital securities with scheduled maturity in 2037 at 100% of their principal amount, plus accrued and unpaid interest to the redemption date, the agency said.

The outlook is stable.

The ratings reflect the group's global leadership in its chosen insurance segments, diversified international spread of risk, strong profitability and good internal liquidity and financial flexibility, Moody's said.

These strengths are tempered by challenges associated with managing a complex global operation, the agency said.

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