S&P upgrades Swiss Life

S&P said it upgraded the financial strength and issuer credit ratings on the core operating entities of Swiss Life Group to A+ from A.

The agency also said it assigned an A+ long-term foreign-currency issuer credit rating to Swiss Life AG, reflecting the outstanding foreign-currency-denominated debt.

S&P also raised to A- from BBB+ the issuer credit ratings on the group's holding company, Swiss Life Holding AG.

The agency also raised to A- from BBB+ the issue ratings on Swiss Life Holding's senior bonds and Swiss Life AG's junior subordinated bonds.

The outlook is stable.

Swiss Life has consolidated its sound capital position, reducing capital and earnings volatility and demonstrated strong enterprise risk management, S&P said.

The insurer also sustained a track record of strong earnings on the back of business growth and diversification, notably within third-party asset management and other fee income, the agency said.

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