Swiss Re has demonstrated very strong resilience and recovery in its credit profile and, in our view, further derisking should result in strong and more stable earnings. We are affirming our ratings on Swiss Re and its core operating entities at 'A+'. We are revising the outlook to positive, which means that we could raise the ratings if Swiss Re's financial profile further improves. On Oct. 12, 2010, Standard&Poor's Ratings Services affirmed its 'A+' long-term counterparty credit and insurer financial strength ratings on Zurich-based global reinsurer, Swiss Reinsurance Company Ltd. (Swiss Re), and its core operating entities. At the same time, the 'A-' long-term counterparty credit ratings on Swiss Re's three intermediate holding companies in the U.S., and
