S&P Assigns Swiss Re Entities `A-1+' Rating.Business Editors LONDON--(BUSINESS WIRE)--Standard & Poor's June 8, 2001--Standard & Poor's today assigned its `A-1+' short-term counterparty credit rating to six companies within the Switzerland-based insurance group Swiss Re Group (Swiss Re). The companies affected by the rating action are European Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Co. of Zurich (ERZ ERZ Erzurum, Turkey - Erzurum (Airport Code) ERZ Explosion Risk Zone ERZ Extended Reconnaissance Zone ERZ Electrical Return-to-Zero ), Swiss Re Financial Products Corp. (SRFP SRFP Sub-Regional Focal Point (disaster preparedness term) ), Swiss Re America Holding Corporation. (SRAH SRAH Swiss Re America Holding Corp ), Swiss Re GB PLC (SRGB (Standard RGB) A standard model for representing color in a device independent manner. Defined by HP and Microsoft in the mid-1990s, it was designed to provide a consistent color space for displaying color images from the Web on CRTs without the overhead of embedding an ICC ), Swiss Re Treasury (Luxembourg) S.A. (SRTL SRTL Sooner Rather Than Later ) and SwissRe Finance (Bermuda) Ltd. (SRFB SRFB Salmon Recovery Funding Board ). At the same time, Standard & Poor's also assigned its triple-`A' long-term counterparty credit rating to SRFP. The outlook is stable. The group parent company Swiss Reinsurance Co. (SRZ; AAA/Stable/A-1+) has provided a guarantee to the six companies in respect of their obligations arising from Swiss Re's $2 billion European Medium Term Notes program being signed today, which is not presently rated by Standard & Poor's. For ERZ, the short-term rating is based on the core status of this operating company within Swiss Re. As part of the Financial Services Business Group, SRFP is also one of Swiss Re's integral operating companies, but its rating is based on SRZ's guarantee of SRFP's business obligations (although not explicitly the entirety of its short-term debt obligations). The ratings on the holding companies SRAH, SRGB and SRTL, are based on their roles as holding companies for core operating units within the group. SRAH and SRGB are the holding companies for the U.K. and U.S. operations, respectively. SRTL is the holding company for the German and Irish operations. SRFB is a financing company within Swiss Re. Its short-term rating is based on its track record in this role, historically supported by SRZ issue guarantees. In addition, Swiss Re has made a firm commitment concerning its continued support of SRFB's debt obligations, Standard & Poor's said.--CreditWire. |
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