Best Lowers Swiss Re Rating
NU Online News Service, Oct. 17, 4:42 p.m. EDT, London?Swiss Re's financial strength rating has been lowered to "A plus" from "A plus plus " by A.M. Best Co., which also changed the outlook for the company from stable to negative. At the same time, A.M. Best has downgraded the ratings on all debt instruments issued by Swiss Re's group entities.
Despite earnings improvement in the first half of 2003, "Swiss Re's prospective consolidated earnings are unlikely to be supportive of an A plus plus consolidated risk-based capital level throughout the cycle, especially after the reduction suffered from historic levels," said the Oldwick, N.J. ratings agency.
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