FRANKFURT (Standard&Poor's) March 1, 2011--Standard&Poor's Ratings Services said today that it has assigned its 'A' long-term debt rating to the Swiss franc (CHF) 500 million domestic market undated subordinated notes (the subordinated notes) issued by Switzerland-based insurer Zurich Insurance Co. Ltd. (ZIC; AA-/Stable/A-1+). The subordinated notes were issued under ZIC's $15 billion Euro Medium-Term Note program and the rating is based on the final terms and conditions. The issue rating incorporates our standard methodology for deeply subordinated debt issues: We have rated the subordinated notes two notches below the long-term counterparty credit rating on the issuer. We have also rated the notes on the understanding that the issue will be subordinated to senior creditors. In addition,
