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BULLETIN: Swiss Life Ratings Unaffected by 2003 Results Announcement Mar 04
Standard & Poors, March 2004
Abstract
LONDON (Standard & Poor's) March 30, 2004--Standard & Poor's Ratings Services said today that its ratings on Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG (Swiss Life; A-/Negative/--) are unaffected by the group's full-year 2003 results announcement and its decision to retain Banca del Gottardo (Gottardo; BBB+/Negative/A-2). Swiss Life's announcement that it has returned to profitability and strengthened its balance sheet is in line with Standard & Poor's expectations. Group pretax operating profits reached Swiss franc (SFr) 557 million in 2003, compared with a loss of SFr801 million in 2002. The acquisition of Gottardo by Swiss Life Holding (BBB-/Negative/--) from Swiss Life sees a reversal in the group's strategy to dispose of the noncore bank. At the Swiss Life level, the sale...
Companies mentioned in this report are: Swiss Life AG,Banca del Gottardo,Swiss Life Holding
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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