S&P lowers PartnerRe view to negative

Standard & Poor's said it affirmed its A counterparty credit rating on PartnerRe Ltd., its AA- counterparty credit and financial strength ratings on PRE'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 Ltd.

The outlook has been revised to negative from stable, the agency said.

At the same time, S&P said it assigned its A senior debt, A- subordinated debt and BBB+ preferred stock ratings to PRE's recently filed universal shelf.

The revised outlook reflects PartnerRe's operating capital adequacy, which remains below S&P's expectations for a AA- rating, at an estimated 121% as of March 31.

The agency added that the ratings on ParnterRe are based on the group's very strong historical operating performance, reasonable 2005 catastrophe losses, very strong competitive position, strong modeling capabilities and conservative reserving practices.

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