...LONDON (S&P Global Ratings) June 27, 2017--S&P Global Ratings today said it had assigned its '###+' long-term issue rating to Swiss Re Ltd.'s (SRL; A/Stable) proposed perpetual subordinated fixed-spread callable loan notes. 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 (including dated subordinated instruments) and that interest will be deferrable. As with other subordinated loan notes issued by SRL in the past, a special-purpose vehicle (SPV) has been established and will issue notes secured on the subordinated...
