S&P rates Zurich junior notes A

S&P said it assigned its A long-term issue rating to the dollar-denominated, dated junior subordinated notes to be issued by Zurich Finance (Ireland) DAC, which is guaranteed by Zurich Insurance Co. Ltd. under its $18 billion medium-term note program.

The rating is two notches below S&P’s AA- long-term issuer credit rating on ZIC. This rating reflects its standard approach for rating subordinated debt issues, the agency said.

“In our view, additional debt from the proposed notes will have a neutral impact on our assessment of ZIC's capital adequacy, financial flexibility, and our rating on the group,” S&P said in a press release.

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