On Feb. 18, 2009, Standard&Poor's Ratings Services lowered its long-term counterparty credit and insurer financial strength ratings on Zurich-based global reinsurer, Swiss Reinsurance Company Ltd. (Swiss Re), and its core operating entities to 'A+' from 'AA-'. At the same time, the long-term counterparty credit ratings on Swiss Re's three intermediate holding companies in the U.S. were lowered to 'A-' reflecting the adoption of a standard two-notch differential relative to the notional group rating. (See Ratings List below for full details.) Additionally, where applicable, the short-term counterparty credit ratings on Swiss Re and its related companies were lowered to 'A-1' from 'A-1+'. Furthermore, all ratings on the above entities were removed from CreditWatch with negative implications, where they had
