Upon completion of the GEIS and Swiss Re merger, previously announced in November 2005, Standard & Poor’s expects the counterparty credit and financial strength ratings on ERC and related operating (re)insurance affiliates to be raised by one notch to ‘A+’, Standard & Poor’s Ratings Services announced in a statement commenting on its CreditWatch placement of GE Insurance Solutions Corporation (GEIS), Employers Reinsurance Corp. (ERC), and related affiliates.
The ‘BBB+’ long-term counterparty credit and senior unsecured debt ratings on GEIS and the ‘A’ long-term counterparty credit and financial strength ratings on ERC and affiliates remain on CreditWatch with positive implications, S&P said, where they were placed on Nov. 18, 2005, pending the closing of their expected acquisition by Swiss Reinsurance Co.
“We expect to resolve the CreditWatch status by mid-2006,” said Standard & Poor’s credit analyst Laline Carvalho. The ‘BBB+’ counterparty credit and senior unsecured debt ratings on GEIS may also be raised on completion of the acquisition, reflecting Standard & Poor’s expectation that Swiss Re will assume GEIS’ debt as part of the transaction.
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