S&P cuts Swiss Life

Standard & Poor's said it lowered to BBB+ from A- the long-term counterparty credit rating on Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt and to BBB- from BBB the long-term counterparty credit rating on Swiss Life Holding.

The outlook is stable.

The downgrade reflects uncertainties about Swiss Life's capability to manage major strategic challenges to produce strong and sustainable earnings in the near term following a weakening of its earnings and capital fundamentals due to the capital market turmoil, according to the agency.

Ratings are supported by Swiss Life's strong competitive position and franchise as a market leader in Switzerland, complemented by business potential in France and Germany as well as from cross-border business and private placement life insurance offerings, the agency noted.

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