LONDON (Standard&Poor's) Feb. 28, 2003--Standard&Poor's Ratings Services said today it revised its outlook on Swiss Reinsurance Co. and related core subsidiaries of the Swiss Re group (Swiss Re) to negative from stable, after the group gave indications of its 2002 results and an overview of its 2003 renewals. At the same time, Standard&Poor's affirmed the 'AA+/A-1+' counterparty credit and 'AA+' insurer financial strength ratings on the group. "The outlook revision reflects the weaker than expected 2003 renewals and that expected profits for 2002 will fall short of Standard&Poor's expectations," said Standard&Poor's credit analyst Stephen Searby. "It also reflects a further reduction in capital adequacy due primarily to falls in the
