Swiss Reinsurance Co. 's Senior Debt Downgraded To 'A+' On Changes To Swiss Insurance Supervision Act - S&P Global Ratings’ Credit Research

Swiss Reinsurance Co. 's Senior Debt Downgraded To 'A+' On Changes To Swiss Insurance Supervision Act

Swiss Reinsurance Co. 's Senior Debt Downgraded To 'A+' On Changes To Swiss Insurance Supervision Act - S&P Global Ratings’ Credit Research
Swiss Reinsurance Co. 's Senior Debt Downgraded To 'A+' On Changes To Swiss Insurance Supervision Act
Published Aug 21, 2023
3 pages (1551 words) — Published Aug 21, 2023
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Revisions to Swiss law that come into effect on Jan. 1, 2024, will affect (re)insurance company insolvency procedures. As per the changes, senior debt issued by Switzerland-domiciled operating reinsurance companies will no longer rank pari passu to policyholder obligations but be subordinated to them in the event of liquidation. Therefore, we lowered our issue ratings on two senior debt issuances from Swiss Reinsurance Co. Ltd. and one issuance from Swiss Re Treasury (US) Corp. (guaranteed by Swiss Reinsurance Co. Ltd.) to 'A+' from 'AA-'. LONDON (S&P Global Ratings) Aug. 21, 2023--S&P Global Ratings today lowered to 'A+' from 'AA-' its issue credit ratings on three senior debts issuances from the Swiss Re group due to changes in Swiss Law that

  
Brief Excerpt:

...(Editor's Note: We republished this report on March 28, 2024 to correct an error related to the US$10 billion medium-term note program rating on senior debt issued or guaranteed by Swiss Reinsurance Co. When we originally lowered the ratings on debt issuances issued or guaranteed by Swiss Reinsurance Co. due to the change in Swiss law (as outlined in this article), we omitted the debt issuance rating under the program. We have corrected that by lowering the rating on the program to 'A+' from '##-'.)...

  
Report Type:

Ratings Action

Ticker
RUKN@VX
Issuer
Swiss Reinsurance Co. Ltd.
GICS
Reinsurance (40301050)
Sector
Global Issuers, Structured Finance
Country
Switzerland
Region
United States
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Swiss Reinsurance Co. 's Senior Debt Downgraded To 'A+' On Changes To Swiss Insurance Supervision Act" Aug 21, 2023. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Swiss-Reinsurance-Co-s-Senior-Debt-Downgraded-To-A-On-Changes-To-Swiss-Insurance-Supervision-Act-3145758>
  
APA:
S&P Global Ratings’ Credit Research. (). Swiss Reinsurance Co. 's Senior Debt Downgraded To 'A+' On Changes To Swiss Insurance Supervision Act Aug 21, 2023. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Swiss-Reinsurance-Co-s-Senior-Debt-Downgraded-To-A-On-Changes-To-Swiss-Insurance-Supervision-Act-3145758>
  
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