S&P rates Swiss Re notes BBB+

S&P said it assigned a BBB+ rating to Swiss Re Finance (UK) plc’s planned S$350 million of dated subordinated fixed-rate reset callable notes guaranteed by Swiss Re Ltd.

The rating on the notes is two notches below Swiss Re Ltd.’s A rating, reflecting S&P’s standard notching for deferrable subordinated debt issues, the agency said.

“We rated the proposed debt on the understanding that, when issued, the notes will be subordinated to debt held by senior creditors and that interest will be deferrable,” S&P said in a press release.

The notes are being sold for capital management purposes and will qualify as regulatory capital credit, S&P said.

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