...LONDON (Standard & Poor's) May 27, 2016--S&P Global Ratings today said it has assigned its '###+' long-term issue rating to Swiss Re Ltd.'s (SRL; A/Stable) proposed subordinated fixed-rate to floating callable loan notes, which are scheduled to mature in 2052. SRL plans to issue through a prefunded note issuance facility. The rating on the loan notes is subject to confirmation, following our receipt and review of the final terms and conditions. The '###+' issue rating on these loan notes is two notches below our 'A' counterparty credit rating on SRL, reflecting our standard notching for deferrable subordinated debt issues. We have analyzed and rated the proposed debt issue on the understanding that, when issued, the loan notes will be subordinated to debt held by senior creditors and that interest will be deferrable. As with other subordinated loan notes issued by SRL in the past, a special-purpose vehicle (SPV) is established and will issue notes secured on the subordinated loan notes....
