S&P: Swiss Re view negative

Standard & Poor's said it revised its outlook on Swiss Reinsurance Co. and related entities of the Swiss Re group to negative from stable and affirmed all ratings on the group, including its AA long-term counterparty credit and insurer financial strength ratings.

"The outlook revision mainly reflects uncertainty as to whether the improvement in profitability in 2003 and the first half of 2004 is sustainable over the next few years," said S&P credit analyst Stephen Searby. "The ratings reflect Swiss Re's very strong competitive position, very strong financial flexibility, and very strong risk-based capitalization."

S&P said these factors are partly offset by weaker relative long-term non-life operating profitability, and by a somewhat higher reliance (than peers) on softer forms of capital.

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