Moody's rates Swiss Re notes A3(hyb)

Moody's Investors Service said it assigned a A3(hyb) rating to the proposed subordinated fixed-rate resettable callable loan notes due 2044 to be issued by Swiss Re Corporate Solutions Ltd., a wholly owned subsidiary of Swiss Reinsurance Co. Ltd. The outlook is stable.

The agency said the A3(hyb) rating reflects the subordination of the notes, the optional and mandatory weak coupon deferral mechanisms and the cumulative nature of deferred coupons in case of deferral.

The issuance will temporarily increase the financial leverage of Swiss Re, but Moody’s expects an overall reduction in the group's financial leverage following a planned reduction of the outstanding debt in the reinsurance operation of the group.

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