S&P: Zurich Insurance notes A

Standard & Poor’s said it assigned an A long-term issue rating to the junior subordinated notes proposed by Zurich Insurance Co. Ltd. under its $18 billion euro medium-term note program.

Based on methodology for junior subordinated debt issues, S&P said the rating is two notches below the company’s AA- long-term counterparty credit rating.

The rating is based on AN understanding that the holders of these notes will be subordinated to the company’s senior creditors, the agency said.

The rating also considers that no dividends have been declared or paid by the ultimate parent, Zurich Insurance Group, S&P said.

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