...LONDON (Standard & Poor's) March 20, 2015--Standard & Poor's Ratings Services said today that it has assigned its 'A' long-term issue rating to the proposed junior subordinated perpetual fixed to floating rate callable notes to be issued by Swiss reinsurer Swiss Reinsurance Co. Ltd. (Swiss Re; ##-/Stable/ A-1+). The rating on the notes is subject to confirmation, following our receipt and review of the final terms and conditions. The rating is two notches below our counterparty credit rating on Swiss Re, 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 notes will be subordinated to debt held by senior creditors and interest is deferrable. We expect to classify the notes as having "intermediate equity content" under our hybrid capital criteria, subject to review of final terms and conditions. We include such securities up to a maximum of 25% in our calculation of total...
