...FRANKFURT (S&P Global Ratings) Feb. 11, 2019--S&P Global Ratings today assigned its 'A' long-term issue rating to the euro-denominated, dated junior subordinated notes to be issued by Zurich Insurance Co. Ltd. (ZIC; ##-/Stable/A-1+) under its $18 billion Euro medium-term note program. The rating is subject to our review of the final terms and conditions. Under our methodology for rating junior subordinated debt issues, we rate the notes two notches below our '##-' long-term issuer credit rating on ZIC. The rating is based on our understanding that the holders of these notes will be subordinated to ZIC's senior creditors. It also reflects that ZIC has the option of deferring interest if, during the previous six-month period: + No dividends were declared or paid by the ultimate parent, Zurich Insurance Group; and + No other payments were made on securities issued or guaranteed by ZIC that rank junior or pari passu with the notes, unless this has been mandatory under the respective terms....
