S&P affirms PartnerRe

Standard & Poor's said it affirmed its A counterparty credit rating on Bermuda-based PartnerRe Ltd. and the BBB+ preferred stock rating. S&P said it also affirmed its AA- counterparty credit and financial strength ratings on the company's operating reinsurance subsidiaries Partner Reinsurance Co. Ltd., PartnerRe SA and Partner Reinsurance Co. of U.S. and its AA- financial strength rating on Partner Re Ireland Insurance Co.

The outlook is stable.

The affirmation follows the company's raising of $550 million in capital, consisting of $150 million in common equity and $400 million in a combined privately placed loan agreement and a forward sale agreement.

S&P said the ratings are based on the group's strong operating performance through June 30, 2005, reasonable (albeit large) third-quarter 2005 catastrophe losses, strong competitive position, strong capital adequacy, strong risk management and conservative balance sheet.

Offsetting these positives is the group's potential underwriting volatility due to low retrocessional usage and developing U.S. and European franchises, S&P said.

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