Global Multiline Insurance Group Zurich Insurance Co Ltd.'s Dated Subordinated Notes Rated 'A'

FRANKFURT (Standard&Poor's) April 16, 2015--Standard&Poor's Ratings Services today assigned its 'A' long-term issue rating to the junior subordinated notes proposed by Swiss-based global multiline insurance group Zurich Insurance Co. Ltd. (ZIC; AA-/Positive/A-1+) under its $18 billion Euro Medium-Term Note program. The rating reflects our methodology for junior subordinated debt issues: We have rated the notes two notches below the long-term counterparty credit rating on the issuer, ZIC. The notes will be purchased by Ireland-based special-purpose-vehicle Willow No. 2 (Ireland) PLC, which will simultaneously issue repackaged notes that are collateralized by ZIC's junior subordinated notes. The rating is based on our understanding that the holders of the notes will be subordinated to ZIC's senior creditors, and that

...FRANKFURT (Standard & Poor's) April 16, 2015--Standard & Poor's Ratings Services today assigned its 'A' long-term issue rating to the junior subordinated notes proposed by Swiss-based global multiline insurance group Zurich Insurance Co. Ltd. (ZIC; ##-/Positive/A-1+) under its $18 billion Euro Medium-Term Note program. The rating reflects our methodology for junior subordinated debt issues: We have rated the notes two notches below the long-term counterparty credit rating on the issuer, ZIC. The notes will be purchased by Ireland-based special-purpose-vehicle Willow No. 2 (Ireland) PLC, which will simultaneously issue repackaged notes that are collateralized by ZIC's junior subordinated notes. The rating is based on our understanding that the holders of the notes will be subordinated to ZIC's senior creditors, and that ZIC has the option of deferring interest if, during the previous six-month period: + No dividend has been declared or paid by the ultimate parent Zurich Insurance Group,...

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