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Moody’s reviews Chubb
Moody's Investors Service said it placed the A2 senior long-term debt ratings and the Prime-1 commercial paper program rating of Chubb Corp. on review for downgrade following the announced debt offering by ACE INA Holdings, Inc. (backed senior unsecured debt at A3, stable; guaranteed by ACE Ltd.).
As announced jointly by the two companies on July 1, ACE is in process of acquiring Chubb for about $28 billion. Both Chubb's and ACE's shareholders approved the transaction on Oct. 22, and the acquisition is anticipated to close in the first quarter of 2016.
The insurance financial strength ratings of Chubb's rated insurance subsidiaries (Aa2/stable for the U.S.-based intercompany pool) are not affected.
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