LONDON (Standard&Poor's) April 12, 2007--Standard&Poor's Ratings Services said today it assigned its 'A' long-term debt rating to the Australian dollar-denominated perpetual step-up notes (the notes) to be 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. The rating is subject to a review of final documentation. 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
