On May 26, 2006, Standard&Poor's Ratings Services commented on its CreditWatch placement of Swiss Reinsurance Co. (Swiss Re) and its core operating companies. The long-term counterparty credit and insurer financial strength ratings on all entities remain on CreditWatch with negative implications, where they were placed on Nov. 18, 2005, following Swiss Re's announcement that it had reached an agreement with U.S.-based General Electric Co. (AAA/Stable/A-1+) to acquire the latter's reinsurance operations, GE Insurance Solutions Corporation (GEIS; BBB+/Watch Pos/--). The CreditWatch placement will be resolved when the transaction to acquire GEIS completes, which is expected to be in June 2006. Regulatory approval from the U.K. Financial Services Authority is pending. The CreditWatch status reflects the execution risk associated with
