FRANKFURT (Standard&Poor's) Aug. 29, 2008--Standard&Poor's Ratings Services said today it assigned its 'A+' long-term senior unsecured debt rating to the proposed Swiss franc (CHF) 800 million dual-tranche fixed-rate bonds to be issued under Switzerland-based Zurich Insurance Co.'s (ZIC; AA-/Stable/A-1+) $10 billion Euro Medium-Term Note program. The issuers will be ZIC (CHF500 million) and Zurich Finance (USA) Inc. (CHF300 million). ZIC is a core operating entity of the Zurich Financial Services group. It will provide an irrevocable unconditional guarantee for the CHF300 million bond to be issued by Zurich Finance (USA) Inc. The 'A+' rating on the bonds, which is one notch below the counterparty credit and insurer financial strength rating on ZIC, reflects the structural subordination
