We are affirming our 'AA-' issuer credit and insurer financial strength ratings on global reinsurer Swiss Reinsurance Co. Ltd. (Swiss Re) and its core operating entities. We are also affirming the 'A' rating on Swiss Re Ltd., a nonoperating holding company--two notches below the 'AA-' ratings on the group's core operating entities. This reflects our standard notching approach. The stable outlook on Swiss Re reflects our expectation that the group will maintain an extremely strong competitive position in its markets of operation and continue to generate strong earnings across the group. On Nov. 24, 2017, S&P Global Ratings affirmed its 'AA-' issuer credit and financial strength ratings on global reinsurer Swiss Reinsurance Co. Ltd. (Swiss Re). We also affirmed the
