Since our last full review, we believe that Swiss Re has successfully derisked its asset portfolio, repaid the convertible perpetual capital instrument (CPCI) with Berkshire Hathaway, maintained its significantly redundant 'AAA' capital position, and stabilized its net income. We are therefore raising the ratings on Swiss Re and its core subsidiaries to 'AA-' from 'A+'. We expect the rated entities under the two new business units, Corporate Solutions and Admin Re, to maintain their current core status once the group restructuring is complete. The stable outlook reflects our expectation that Swiss Re will maintain its very strong competitive position in the life and non-life reinsurance and insurance-linked securities markets. LONDON (Standard&Poor's) Oct. 28, 2011--Standard&Poor's Ratings Services
