STOCKHOLM (Standard&Poor's) Feb. 13, 2013--Standard&Poor's Ratings Services said today that it had assigned its 'BBB' long-term issue rating to the undated subordinated notes of Denmark-based insurer Tryg Forsikring A/S (Tryg; A-/Stable/--). The rating is subject to our review of the final terms and conditions. The rating incorporates our methodology for subordinated debt issues: We have rated the notes two notches below the long-term counterparty credit rating on the issuer, Tryg. The rating is based on our understanding that the holders of the notes will be subordinated to Tryg's senior creditors and rank pari passu with Tryg's existing subordinated bond holders. In addition, we understand that Tryg has the option of deferring interest if, during a previous
