Ace Ltd. announced yesterday that its subsidiary Ace INA Holdings Inc. plans to sell $500 million of 5.9 percent 10-year notes.

The notes will be guaranteed by Ace Ltd. and will be used for refinancing upcoming debt maturities and general corporate purposes, the company said yesterday in a statement.

Fitch Ratings said yesterday it expects to assign an A rating issuance. Fitch expects the net proceeds will refinance roughly $466 million of existing debt maturing in 2009.