AM Best has downgraded the financial strength ratings of Swiss re and its core subsidiaries from A++ (superior) to A+ (superior).
The company also downgraded the ratings on all debt instruments issued by Swiss Re's group entities.
The outlook for all ratings has been changed from negative to stable.
AM Best said the ratings reflected its view that Swiss Re's prospective consolidated earnings were unlikely to match an A++ consolidated risk-based capital level throughout the cycle. It said current capital levels were more consistent with an A+ rating.
AM Best said it had factored in Swiss Re's stable and experienced management team and its position in the global reinsurance market.
