FRANKFURT (S&P Global Ratings) May 17, 2016--S&P Global Ratings today assigned its 'A' long-term issue rating to the euro-denominated junior subordinated notes proposed by Switzerland-based global multiline insurance group Zurich Insurance Co. Ltd. (ZIC; AA-/Stable/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 special-purpose vehicle Demeter Investments B.V., which will simultaneously issue repackaged notes that are collateralized by ZIC's junior subordinated notes. The rating is based on our understanding that the noteholders will be subordinated to ZIC's unsubordinated creditors, including unsubordinated policyholders and beneficiaries, and that ZIC
