S&P rates PartnerRe notes A

Standard & Poor's said it assigned an A senior debt rating to PartnerRe Finance A LLC's proposed $250 million 10-year fixed-rate 6 7/8% senior notes, which are guaranteed by PartnerRe Ltd.

The agency also affirmed the A counterparty credit rating.

The outlook is stable.

S&P said the affirmation is based on PartnerRe's competitive position, operating performance and improved capital adequacy in 2006 and 2007.

Offsetting these factors are the group's potential underwriting volatility because of low retrocessional usage, a historically lower-than-peer-group capital adequacy ratio and softening conditions in property/casualty lines, the agency noted.

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