LONDON (Standard&Poor's CreditWire) May 7, 1999--Standard&Poor's today assigned its double-'A' junior subordinated debt rating to two debt issues to be transacted by Swiss Reinsurance Co. (Swiss Re; triple-'A'/Stable/--) during June 1999. The ratings reflect the Swiss Re group's extremely strong financial strength as well as the deep subordination of both issues. Swiss Re's extremely strong financial strength is driven by the group's globally dominant business position, clear operational focus, superior capitalization, and strong profitability despite difficult market conditions. Standard&Poor's believes that the proposed transactions will refinance maturing debt and reinforce the Swiss Re group's superior capital position. In particular, estimated debt leverage and interest coverage will remain consistent with the rating grade. Owing to
