S&P rates Swiss Re notes AA

Standard & Poor's said it assigned its AA senior unsecured debt rating to about €640 million of three-year mandatory convertible securities to be issued by Swiss Re Germany AG (AA/stable/--) or by Swiss Re Treasury (Luxembourg) (--/--/A-1+) in July. Swiss Re Germany and Swiss Re Treasury are both wholly owned subsidiaries of Swiss Reinsurance Co. (AA/stable/A-1+).

S&P said the rating on the notes reflects the guarantee, which constitutes a direct, unsubordinated, unconditional, and unsecured obligation of Swiss Re.

The ratings on Swiss Re and its core operating subsidiaries (together Swiss Re Group) reflect the group's very strong competitive position, particularly in the life reinsurance business and its excellent financial flexibility, according to S&P.

Swiss Re will use the proceeds to repay existing senior debt and for general corporate purposes.

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