FRANKFURT (Standard&Poor's) Feb. 18, 2016--Standard&Poor's Ratings Services today assigned its 'A' long-term issue rating to the 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. Under our methodology for rating junior subordinated debt issues, we rate the proposed notes two notches below our 'AA-' long-term counterparty credit rating on the issuer, ZIC. The rating is based on our understanding that the holders of these 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 dividends have been declared or paid by the ultimate parent Zurich Insurance Group;
