MARKETWATCH: Swiss Re downgraded by Goldman Sachs, UBS

LONDON (MarketWatch) -- Swiss Re

Swiss Re was downgraded both by Goldman Sachs and UBS following the reinsurer's move to raise capital from Warren Buffett and other investors. UBS cut the rating to neutral from buy citing the profit warning, book value collapse and capital measures. "We expect the shares to trade sideways in a volatile way until the company completes the capital raising and provides more detail on the outlook," UBS said.

Goldman lowered Swiss Re from conviction buy to neutral, saying "it appears to us that management is reacting to losses rather than proactively trying to clean up the balance sheet. With no real ring-fencing of balance sheet issues, we believe confidence in the company will stay low."

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