On Nov. 17, 2005, Standard&Poor's Ratings Services affirmed its 'AA' counterparty credit and financial strength ratings on Swiss Reinsurance Co. (Swiss Re) and its core operating companies and removed them from CreditWatch with negative implications, where they were placed on Sept. 9, 2005. The outlook is negative. Following discussions with Swiss Re's management, Standard&Poor's has greater confidence in Swiss Re's ability to post an operating performance that is consistent with the 'AA' ratings over the medium term. Specifically, Swiss Re is expected to perform better in its non-life operations in the future than in the past, due to the centralization of strategy and controls, more focus on the bottom line, and an emerging ability to translate
