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Announcement:

Moody's Affirms Swiss Re Ratings (Aa2 Senior) with a Stable Outlook

20 Nov 2007
Moody's Affirms Swiss Re Ratings (Aa2 Senior) with a Stable Outlook

London, 20 November 2007 -- Following the announcement by Swiss Re of the CHF 1.2 billion mark-to-market loss relating to credit default swaps, Moody's Investors Service affirmed the insurance financial strength and debt ratings of Swiss Reinsurance Company (Swiss Re) and associated companies (IFSR at Aa2 and see debt list below) with a stable outlook. Short-term ratings were affirmed with an unchanged stable outlook.

Commenting on the rating action, Moody's said that the loss was restricted to two specific CDS transactions, and understands that the degree of exposure to similar asset classes elsewhere in the Group is small. In addition, the size of the loss, while substantial, did not exceed expected earnings for the 4th quarter of 2007, and taking into account the strong operating performance of Swiss Re in the first nine months of 2007 (net income of CHF 4.0 billion), the Group is well positioned to achieve a 13% ROE for the full year.

At the same time, Moody's said that it will re-examine risk management processes at Swiss Re, in particular with regard to the Credit Solutions business. Moody's added that it will also revisit the assumptions behind the capital requirement for the Financial Services division, and examine any implications in this regard for debt issuance capacity at the Group level.

The date of the previous rating action was 7 November 2007 when Swiss Re's ratings were affirmed and the outlook changed from negative to stable.

Swiss Re is the largest reinsurance company in the world, headquartered in Zurich, Switzerland. In FY 2006, it reported Gross Premiums Written of CHF 31.8 billion, Shareholders Equity of CHF 30.8 billion and Net Income of CHF 4.56 billion.

The following ratings were affirmed with stable outlooks:

Swiss Reinsurance Company- insurance financial strength rating of Aa2, senior debt rating of Aa2, subordinated debt rating of A1;

European Reinsurance Company of Zurich- insurance financial strength rating of Aa2, guaranteed senior debt rating of Aa2, guaranteed subordinated debt rating of A1;

Swiss Re Europe SA - insurance financial strength rating of Aa2;

Swiss Re Germany - insurance financial strength rating of Aa2;

Swiss Re Germany Holding AG- guaranteed senior debt rating of Aa2, guaranteed subordinated debt rating of A1;

Swiss Re GB Plc- guaranteed senior debt rating of Aa2, guaranteed subordinated debt rating of A1;

Swiss Reinsurance Company UK Limited- insurance financial strength rating of Aa2;

Swiss Re Treasury (Luxembourg) S.A. - guaranteed senior debt rating of Aa2, guaranteed subordinated debt rating of A1;

Swiss Re America Holding Corporation - guaranteed senior debt of Aa2, guaranteed subordinated debt of A1;

Swiss Reinsurance America Corporation - insurance financial strength of Aa2;

Swiss Re Life and Health America Inc.- insurance financial strength rating of Aa2;

Swiss Re Financial Products Corporation - guaranteed senior debt of Aa2, guaranteed subordinated debt of A1;

Swiss Re Solutions Holding Corporation - senior unsecured debt of A1;

Swiss Re Finance (Bermuda) Ltd - guaranteed senior debt rating of Aa2, guaranteed subordinated debt rating of A1;

Employers Reinsurance Corporation - insurance financial strength of Aa2;

Swiss Re Frankona Rückversicherungs AG - insurance financial strength of Aa2;

Swiss Re Denmark Reinsurance A/S - insurance financial strength of Aa2;

Reassure America Life Insurance Company (formerly Valley Forge Life Insurance Company) - insurance financial strength of Aa2 (see separate press release to follow);

Elm BV - junior subordinated rating of A2 for notes issued by ELM BV and secured over notes of Swiss Reinsurance Company.

Swiss Re Financial Products Corporation - P-1 short-term debt rating

European Reinsurance Company of Zurich - P-1 GTD Euro Debt Issuance PRGM

Swiss Re America Holding Corporation - P-1 GTD Euro Debt Issuance PRGM

Swiss Re Finance (Bermuda) Ltd. -- P-1 guaranteed short-term debt.

London
Simon Harris
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Dominic Simpson
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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