Fitch has placed the ratings of Swiss Re and its rated subsidiaries on Rating Watch Negative.
The rating agency said the move reflects its concerns that Swiss Re's losses from the terrorists attacks in the U.S. last week, as a percent of capital, may end up being higher than initially expected.
Fitch added that there is a possibility of Swiss Re's rating being downgraded but said that the rating would probably not fall lower than AA plus "which still implies a very strong ability to meet claim obligations."
Fitch said it will monitor the development of losses, as well as Swiss Re's plans to raise capital or take other offsetting actions, and it expects to resolve the Rating Watch within the next several months.
Ratings placed on Rating Watch Negative:
Insurer Financial Strength:
--Swiss Reinsurance Company, AAA
--Reassure America Life Ins. Co. AAA
--Swiss Re Mexico, SA, AAA
Rating Affirmed:
Insurer Financial Strength
--Reaseguros Alianza Panama, SA, A minus
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