Fitch cuts some Swiss Re ratings

Fitch Ratings said it has downgraded its issuer default rating (IDR) on Swiss Reinsurance Co. to AA- from AA+ and 6.13% mandatory convertible securities due 2007 to A+ from AA and has removed the ratings from rating watch negative.

Additionally, Fitch said it has affirmed its A+ IDR on GE Insurance Solutions (GEIS) and also affirmed its 7% senior unsecured notes due 2026 at A, its 6.45% senior unsecured notes due 2019 at A, 7.5% senior unsecured notes due 2010 at A and 7.75% senior unsecured notes due 2030 at A and removed the ratings from rating watch positive.

The outlook is stable.

Fitch said the downgrade of Swiss Re reflects the agency's concerns with the company's ability to generate run-rate earnings and returns on capital that are commensurate with the company's previous ratings.

Fitch said its decision to affirm GE Insurance Solutions' ratings at their existing levels reflects operational and market place stability derived from Swiss Re's ownership in GE Insurance Solutions. Fitch views Swiss Re as a committed and leading international reinsurance organization.

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