On Sept. 8, 2004, Standard&Poor's Ratings Services revised its outlook on Zurich-based global reinsurer Swiss Reinsurance Co. and related entities of the Swiss Re group (Swiss Re) to negative from stable. At the same time, Standard&Poor's affirmed all ratings on the group, including its 'AA' long-term counterparty credit and insurer financial strength ratings. The outlook revision mainly reflects uncertainty as to whether the improvement in profitability in 2003 and the first half of 2004 is sustainable over the next few years. Standard&Poor's believes that further improvement is necessary to bring long-term across-the-cycle operating performance to a level commensurate with the ratings. In addition, Swiss Re, in common with most of its peers, has continued
