S&P rates Zurich Insurance notes A

S&P said it assigned an A long-term issue rating to the euro-denominated dated junior subordinated notes to be issued by Zurich Insurance Co. Ltd. under its $18 billion euro medium-term note program.

The rating is two notches lower than the company's AA- long-term issuer credit rating.

The rating is based on an understanding that the holders of these notes will be subordinated to Zurich's senior creditors, S&P said.

The agency said it Zurich Insurance plans to issue these notes to repay some of its outstanding debt.

Therefore, S&P said it expects the group's financial leverage will remain in line with the base-case assumptions over the next few years.

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