Printer Friendly

S&P Assigns Swiss Re 'AA+' CCR, Sr Nts; Outlk Stable.

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

April 9, 2001-- Standard & Poor's today assigned its double-'A'-plus counterparty credit and senior notes ratings to Swiss Re America Holding Corp. (SRAH) based on its status as a core holding company of Swiss Reinsurance Co., and following its assumption of the liabilities and debt obligations of Underwriters Re Group Inc.

The outlook is stable, also consistent with the group.

At the same time, Standard & Poor's removed from CreditWatch the rating on Underwriters Re Group Inc.'s senior notes, where it was placed in December 2000 with positive implications, and raised it to double-'A'-plus. The notes have a face value of $200 million and mature in 2006.

Standard & Poor's then withdrew the single-'A'-minus counterparty credit and senior debt ratings assigned to Underwriters Re Group Inc. at the existing level. This action also follows the transfer and assumption of substantially all of Underwriters Reinsurance Co.'s reinsurance liabilities to SRAH, valued at $979 million and the assignment of assets of equal value as of Jan. 1, 2001.

SRAH is the holding company for core operating company Swiss Reinsurance America Corp. and its subsidiaries, and Swiss Re Life & Health America Holding Co. and its subsidiaries.

Swiss Reinsurance America Corp. and Swiss Re Life & Health America Inc. are core insurers of Swiss Reinsurance Co. All three companies have a triple-'A' financial strength rating with a stable outlook.

Swiss Re America Corp. and Swiss Re Life & Health America Inc. are Security Circle insurers, which means that they voluntarily underwent Standard & Poor's most comprehensive analysis and were assigned ratings in one of the top four categories for financial security. -- CreditWire
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Apr 9, 2001
Previous Article:Natrol Receives Prestigious National Nutritional Foods Association's ``A'' GMP Compliance Rating.
Next Article:CRM Provider Alorica Expands Sales Force to Meet Customer Demands Worldwide; New Team to Focus on eCRM Software, Helix by Alorica, Consulting, and...

Related Articles
S&P Assigns SR International 'AAA' Rtg:Outlook Stable.
S&P Assigns AA Ratings to Allianz Risk Transfer Units.
S&P Affirms 'AAA' Rtgs on Swiss Re; Outlook to Stable.
S&P Afrms AAA Rtgs on Swiss Re America;Otlk To Stable.
S&P Rates Swiss Re Group's $2 Bil Notes 'AAA/A-1+'.
S&P Raises American General Corp. Debt Issue Ratings.
Fitch Assigns 'AA' IFS Rating To XL Capital Ltd. Subs.
A.M. Best Affirms Financial Strength Ratings of Swiss Re, Downgrades Debt Ratings and Changes Outlook to Negative.
Standard & Poor's Research Update: MBIA Inc.'s $350 Million Debt Assigned 'AA' Rating.
A.M. Best Affirms Ratings of Swiss Re America Group; Assigns Issuer Credit Rating to Swiss Reinsurance America Corporation.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters