We are affirming our 'AA-' issuer credit and insurer financial strength ratings on global reinsurer Swiss Reinsurance Co. Ltd. (Swiss Re) and its core operating entities. We are also affirming the 'A' rating on Swiss Re Ltd, a non-operating holding company--two notches below the 'AA-' ratings on the group's core operating entities. This reflects our standard notching approach. The stable outlook on Swiss Re reflects our expectation that the group will maintain an extremely strong competitive position in its markets of operation and continue to generate strong earnings across the group. We are also maintaining our CreditWatch with negative implications on Swiss Re ReAssure Ltd. reflecting the potential initial public offering (IPO). On Oct. 24, 2018, S&P Global Ratings affirmed
