S&P rates Swiss Re Finance notes BBB+

S&P said it assigned its BBB+ long-term issue rating to the euro-denominated subordinated fixed-rate reset step-up callable notes issued by Swiss Re Finance (UK) plc and guaranteed by Swiss Re Ltd.

“The securities benefit from an unconditional and irrevocable subordinated guarantee from SRL that meets our criteria for credit substitution. As such, we rate these notes as if they were a subordinated obligation of SRL,” S&P said in a press release.

The issue rating on the notes is two notches below S&P’s A issuer credit rating on SRL, reflecting the standard notching for deferrable subordinated debt issues. These notes are subordinated to debt held by senior creditors, and the interest will be deferrable, the agency said.

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