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Bond Market News
S&P Downgrades Swiss Re’s Senior Debt Ratings to A+
August 22, 2023
Ratings of Swiss Re’s three senior debt issuances were downgraded by S&P by one notch from AA- to A+. Two of the affected instruments are directly issued by operating company Swiss Reinsurance Co. Ltd. and one is issued by Swiss Re Treasury (US) Corp. and guaranteed by Swiss Reinsurance Co. Ltd. The downgrade was a result of changes in Swiss Law that will come into effect on January 1, 2024. As per the changes, senior debt issued by Switzerland-domiciled operating reinsurance companies will no longer rank pari-passu to policyholder obligations and will be subordinated to them in the event of liquidation.
Swiss Re’s bonds traded slightly lower with its 4.25% 2042s dropping 0.38 points to 81.5 cents on the dollar to yield 5.87%.
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