We are affirming our 'AA-' insurer financial strength rating on global reinsurer Swiss Reinsurance Co. Ltd. (Swiss Re). We have revised downward our estimate of collateral posting risk for Swiss Re, which improves our liquidity assessment to exceptional. The recently announced departure of Swiss Re's group chief financial officer has no impact on our assessment of management and governance. The stable outlook on Swiss Re reflects our expectation that the group will maintain an extremely strong competitive position and strong financial risk profile. On Dec. 18, 2013, Standard&Poor's Ratings Services affirmed its 'AA-/A-1+' counterparty credit ratings and 'AA-' insurer financial strength rating on global reinsurer Swiss Reinsurance Co. Ltd. (Swiss Re) and all ratings on its core subsidiaries.
