We are assigning 'A' ratings to Swiss Re Ltd., a nonoperating holding company of Swiss Re group; this is two notches below the 'AA-' ratings on the group's core operating entities. We are assigning 'BBB+' ratings to subordinated loan notes to be issued by Swiss Re Ltd. The stable outlook on Swiss Re Ltd. reflects that on the Swiss Re group. On Oct. 30, 2015, Standard&Poor's Ratings Services assigned its 'A' long-term local and foreign currency issuer credit ratings to Swiss Re Ltd. (SRL) a nonoperating holding company of the Swiss-based reinsurer Swiss Re group (Swiss Re; core operating entities rated AA-/Stable/A-1+). The outlook on SRL is stable. At the same time, we assigned our 'BBB+' long-term issue