LONDON (Standard&Poor's) April 27, 2006--Standard&Poor's Ratings Services said today it assigned its 'A' long-term junior subordinated debt rating to the proposed perpetual, subordinated, fixed-rate, step-up, U.S. dollar-denominated preferred securities to be issued by Jersey-based Swiss Re Capital I L.P. and to be unconditionally and irrevocably guaranteed on a subordinated basis by global reinsurer Swiss Reinsurance Co. (Swiss Re; AA/Watch Neg/A-1+). The full amount of the issue is yet to be confirmed. At the same time, the rating was placed on CreditWatch with negative implications, in line with the CreditWatch listing of Swiss Re. Standard&Poor's characterizes the securities as "strong", being at the upper level of its Category 2 (intermediate equity content) classification. This reflects:
