LONDON (Standard&Poor's) March 5, 2007--Standard&Poor's Ratings Services said today it raised its long-term junior subordinated debt rating on the perpetual, subordinated, fixed-rate, step-up €1 billion 5.252% notes issued by conduit structure ELM B.V. to 'A' from 'A-'. At the same time, Standard&Poor's raised its long-term junior subordinated debt rating on the perpetual, subordinated, fixed-rate, step-up, preferred $752 million 6.854% notes issued by Jersey-based Swiss Re Capital I L.P. and unconditionally and irrevocably guaranteed on a subordinated basis by global reinsurer Swiss Reinsurance Co. (Swiss Re; AA-/Stable/A-1+) to 'A' from 'A-'. The upgrades follow Swiss Re's additional commitment to these securities, recently published in the group's 2006 annual report. In the unlikely event that mandatory
