Following a review of Swiss Reinsurance Co. Ltd. under our revised insurance criteria, we are affirming our 'AA-/A-1+' ratings on the company and its core subsidiaries. The ratings predominantly reflect our view of the group's extremely strong competitive position and capital adequacy, partially offset by a high risk profile. The stable outlook on Swiss Re reflects our expectation that the group will maintain its extremely strong competitive position and capital adequacy going forward. On May 23, 2013, Standard&Poor's Ratings Services affirmed its 'AA-' insurer financial strength rating and 'AA-/A-1+' counterparty credit ratings on Switzerland-based reinsurer Swiss Reinsurance Company Ltd. (Swiss Re) and its core subsidiaries. The outlook is stable. The ratings reflect our view of the group's very
