LONDON (Standard&Poor's) July 28, 2003--Standard&Poor's Ratings Services said today it lowered its long-term counterparty credit and insurer financial strength ratings on Zurich-based global reinsurer Swiss Reinsurance Co. and related core subsidiaries of the Swiss Re group (Swiss Re) to 'AA' from 'AA+'. The outlook is stable. "The downgrade primarily reflects a re-evaluation by Standard&Poor's of reinsurance industry risk and Swiss Re's position within that industry following the relative underperformance in its non-life underwriting profitability," said Standard&Poor's credit analyst Stephen Searby. The action also reflects the slower-than-expected recovery in Swiss Re's earnings and the impact this may have on the group's ability to fully replenish capital during the current hard phase of the
