LONDON (Standard&Poor's) May 6, 2008--Standard&Poor's Ratings Services said today that its 'AA-' long-term counterparty credit and insurer financial strength ratings on Zurich-based reinsurer Swiss Reinsurance Co. (Swiss Re) are unaffected by its disclosure today, as part of its first-quarter 2008 earnings announcement, that the group has incurred a further Swiss franc (CHF) 819 million mark-to-market loss in respect of its structured credit default swap (CDS) portfolio. The outlook remains stable. This brings the group's aggregate write-down to about CHF2 billion and represents a material increase in the group's mark-to-market loss. Nevertheless, Standard&Poor's has not taken negative ratings action because the loss continues to be manageable in the context of both the group's earnings and
