Moody’s Changes Rating Outlook For Swiss RE To Negative From Stable
London, April 8 - Moody's Investors Service has changed the rating outlook on Swiss Reinsurance Company and subsidiaries to negative from stable. The company is rated Aa1 for insurance financial strength. The outlook change is based largely on the continued negative trend in the company's profitability, a pronounced decline in its capital position in recent years, and a concern that the group's strong market position may not translate effectively into superiority in operating performance. Swiss Re's earnings in 2002 were significantly impacted by asset impairment charges, coupled with losses in its Financial Services Business Group (FSBG). The negative outlook reflects Moody's concerns that Swiss Re's operating profitability for 2003 may continue to be below pre-2001 levels and not in line with Moody's expectations of superior profitability, both in terms of amounts and stability, for issuers rated Aa1.
Published on April 8, 2003
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