Reuters logo
TEXT-S&P: ACE ratings unaffected by acquisition announcement
October 19, 2012 / 9:21 PM / 5 years ago

TEXT-S&P: ACE ratings unaffected by acquisition announcement

Oct 19 - Standard & Poor's Ratings Services said today that its ratings on
ACE Ltd. (A/Stable/--) and its core operating companies (collectively
referred to as ACE) were unaffected by yesterday's announcement that ACE entered
into a definitive agreement to acquire ABA Seguros in Mexico from Ally Financial
Inc. The transaction, which is valued at approximately $865 million prior to any
transaction-related dividend, will be funded with internal funds and will have a
minimal impact on ACE's balance sheet, financial leverage, and liquidity
measures. ABA Seguros is the sixth-largest property and casualty insurer in
Mexico and primarily offers automobile, homeowners, and small business policies
that are distributed through a network of independent agents as well as auto
dealerships, banks, and direct channels. We view this transaction as being in
line with ACE's strategy of expanding its presence in Latin America.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below