Moody's Investors Service in London said today it has downgraded the loss-battered Swiss Reinsurance Company and its subsidiaries yet another notch.

The rating service–which on Feb. 6 had dropped the company from "Aa2″ to "Aa3″ ("Excellent")–said it has now cut the firm's insurance financial strength and senior debt ratings from "Aa3″ to "A1″ ("Good") and assigned a negative outlook. Short-term ratings of "Prime-1″ were affirmed.

Swiss Re's rating problems began with the firm's surprise revelation on Feb. 6 that it might have losses for 2008 of up to CHF 1 billion ($860 million, at current exchange rates), and that it had made arrangements to secure $2.6 billion in capital from Berkshire Hathaway and would cut back its dividend. The loss figure was changed to CHF $864 million ($736.3 million) last Friday.