S&P rates Zurich Insurance notes A

Standard & Poor's said it assigned its A long-term issue rating to the dollar-denominated junior subordinated notes proposed by Zurich Insurance Co. Ltd. (AA-/stable/A-1+) under its $18 billion European medium-term note program.

The agency rates the notes two notches below the long-term counterparty credit rating on the issuer.

The notes will be purchased by special-purpose-vehicle Cloverie plc, which will simultaneously issue repackaged notes that are collateralized by Zurich Insurance’s junior subordinated notes.

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