Downgrade adds to Swiss Re woes after results disappoint

By Adrian Ladbury

A BAD month worsened for Swiss Re yesterday as credit rating agency Moody’s announced it has decided to downgrade its long-term financial strength rating and long-term debt rating by one notch to Aa2. This follows the slump in the reinsurer’s share price earlier this month as it announced disappointing embedded-value numbers for its life reinsurance business.