S&P Global Ratings assigned first-time local currency long-term issuer credit and insurer financial strength ratings to Swiss Re Corporate Solutions Insurance China at A+, with a stable outlook.
The rating agency said June 5 it also assigned a long-term Greater China regional scale rating to the insurer at "cnAAA."
The ratings reflect S&P's view that the China-based insurer is a highly strategically important subsidiary of Swiss Re Corporate Solutions Ltd. S&P expects the insurer to play the primary lead role in the Switzerland-based group's initiative by serving the insurance needs of the group's clientele in China.
The stable outlook reflects the outlook on its parent company.
S&P may also lower the insurer's ratings if its strategic importance to the parent weakens significantly, which the rating agency believes is unlikely to happen over the next two years.
The rating agency notes that the likelihood of revision of the group status to core will be remote over the next two years. The ratings and outlook of the Chinese insurer may also be constrained by the sovereign rating and outlook on China.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.