A.M. Best Co. said yesterday that it has placed the ratings of Zurich-based Swiss Re under review with negative implications after the reinsurer announced an $878 million loss from its exposure to credit default swaps linked to the subprime mortgage market collapse.

Two other rating firms, Standard & Poor's and Moody's, said previously that they were keeping their ratings for Swiss Re unchanged.

Oldwick, N.J.-based Best said it was reviewing the financial strength rating and issuer credit ratings for the reinsurer and its subsidiaries along with debt issued or guaranteed by the company.

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