Moody's cuts PartnerRe view to negative

Moody's Investors Service said it has affirmed the Baa1 preferred stock rating of PartnerRe Ltd. and the Aa3 insurance financial strength rating of its principal reinsurance subsidiaries.

Ratings affirmed with a negative outlook include PartnerRe Ltd.'s preferred stock at Baa1; PartnerRe Capital Trusts I's capital securities at A3; PartnerRe Finance I, Inc.'s junior subordinated securities at A3; Partner Reinsurance Co. Ltd.'s insurance financial strength at Aa3; Partner Reinsurance Co. of the US's insurance financial strength at Aa3; and PartnerRe SA's insurance financial strength at Aa3.

Moody's said the rating affirmations reflect the group's successful recapitalization program, sound fundamentals, diversified book by both geography and line of business and strong presence and franchise in Europe.

These strengths are tempered by the group's significant gross lines risk retentions, by the inherent volatility of property-catastrophe reinsurance and by parent company leverage that remains toward the high end of Moody's expected range.

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