Business Services Industry
A.M. Best Assigns Rating to Swiss Re's Perpetual Subordinated Step-Up Loan Notes
Business Wire, April 4, 2007
OLDWICK, N.J. -- A.M. Best Co. has assigned a rating of "a " to the GBP 500 million perpetual step up-loan notes issued by ELM B.V., a bankruptcy remote repackaging vehicle based in the Netherlands, and are secured over perpetual subordinated step-up loan notes issued by Swiss Reinsurance Company (Swiss Re) (Switzerland).
The rating of this instrument reflects its deeply subordinated nature and the financial strength of the collateral obligor and guarantor, respectively. A.M. Best will credit these hybrid securities up to a limit of 20% of total adjusted capital.
For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.
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