S&P lowers Swiss Re

Standard & Poor's said it lowered the long-term counterparty credit rating on Swiss Reinsurance Co. Ltd. to A+ from AA-. Ratings were removed from CreditWatch with negative implications, where they were placed on Feb. 5.

The outlook is stable.

"These rating actions come in response to the much greater-than-anticipated capital depletion seen at Swiss Re during 2008, the capital raising this has necessitated and the potential adverse flow-on effects that Standard & Poor's believes this could have, particularly on the group's future earnings and financial flexibility," S&P analyst Peter Grant said in a statement.

Ratings continue to be underpinned by Swiss Re's very strong competitive position as well as its very strong capitalization, the agency said.

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