LONDON (Standard&Poor's) March 27, 2007--Standard&Poor's Ratings Services said today it assigned its 'A' long-term debt rating to the £500 million 6.3024% perpetual step-up notes (the notes) issued by repackaging structure ELM B.V. and secured over the perpetual subordinated step-up loan notes (the loan notes) of global reinsurer Swiss Reinsurance Co. (Swiss Re; AA-/Stable/A-1+). The performance of the notes is directly linked to the performance of the loan notes. Standard&Poor's characterizes the notes as "strong", being at the upper level of its Category 2 (intermediate equity content) classification. This reflects: (1) the notes' subordinated nature; (2) the notes' optional and mandatory interest deferability; and (3) the fact that the notes have no final maturity date.
