LONDON (Standard&Poor's) Dec. 14, 2005--Standard&Poor's Ratings Services said today it affirmed its 'BBB' long-term subordinated debt rating on the €150 million 4.5% fixed-/floating-rate notes due 2025 issued by Denmark-based insurer Tryg Forsikring A/S (Tryg; A-/Stable/--), following receipt of final documentation. "The notes are eligible as hybrid equity according to our criteria, based on their subordination, 20-year maturity, and discretionary interest-deferral features," said Standard&Poor's credit analyst Mark Coleman. The proceeds will enable TrygVesta A/S (not rated), the Danish holding company of the TrygVesta group, to repay its existing Danish krone 700 million subordinated loan from Tryg i Danmark smba (not rated), and increases the level of transparency between the group and its majority shareholder. The
