Standard and Poor’s have given Swiss Re Corporate Solutions Ltd. (SRCS) an ‘AA-‘ long term rating and an ‘A-1+’ short term financial strength rating today.
SRCS was recently created by Swiss Re as part of group restructuring. Under the new structure, SRCS is the parent company for the Corporate Solutions business unit, who offer risk and finance solutions for corporate clients.
The ratings company said SRCS is a “material and integral part of the group’s existing and future operations.
“In addition, SRCS and its subsidiaries share the Swiss Re brand, are heavily integrated into the group management and operational structure, contribute a material and beneficial portion of group earnings and capital, and provide a solid platform for growth and diversification for the group.”
Standard and Poor’s said the Swiss Re company has “very strong competitive position, very strong capitalisation, and very strong non-life operating performance” and that as the parent company of SRCS this had an obvious effect on SRCS’s rating.
They said that the stable outlook for SRCS reflects Swiss Re’s stable outlook, and that as a branch of the larger Swiss Re business, SRCS would probably follow their parent with any future grading movements.
