The ratings on Zurich-based global reinsurer Swiss Reinsurance Company Ltd. and related core entities of the Swiss Re group (Swiss Re) reflect the proven resilience of the group's very strong competitive position, the group's continued very strong capitalization, and its robust underlying operating performance. These factors are partially offset by the ongoing, albeit diminished, vulnerability caused by the group's continued relatively high exposure to financial risk and the somewhat constrained financial flexibility that Standard&Poor's Ratings Services believes has resulted from the unexpectedly high level of capital depletion seen during 2008. Swiss Re's competitive position is very strong overall. In our view, the group's franchise remains intact having demonstrated an impressive level of resilience to the financial difficulties Swiss
