Moody's rates Swiss Re preferreds A1

Moody's Investors Service said it assigned an A1 debt rating to the perpetual subordinated step-up preferred securities issued by Swiss Re Capital I LP and guaranteed on a subordinated basis by Swiss Reinsurance Co.

The agency said it treats the securities as 75% equity and 25% debt, reflecting the perpetual maturity, strong ongoing loss absorption characteristics and deep subordination of the instrument in the event of liquidation.

The Aa2 insurance financial strength rating of Swiss Re is currently on review for possible downgrade in connection with the announced acquisition of GE Insurance Solutions. Consequently, the newly assigned rating will also be on review for possible downgrade.

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