S&P affirms PartnerRe

Standard & Poor's said it affirmed its A counterparty credit rating on PartnerRe Ltd. and the AA- counterparty credit rating on its operating subsidiaries.

The outlook remains stable.

The affirmation follows S&P's review of PartnerRe's third-quarter operating results. The company reported a net loss of $152 million in the third quarter, compared with net income of $263 million for the same period in 2007, but the agency believes the group's underwriting results and capital adequacy remain strong.

The ratings on PartnerRe are based on the group's very strong competitive position, strong operating performance, excellent ERM and improved capital adequacy in recent years, S&P said.

Offsetting these positive factors are the group's potential underwriting volatility because of low retrocessional use and a historically lower-than-peer group capital adequacy ratio, the agency said.

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