FRANKFURT (Standard&Poor's) July 22, 2009--Standard&Poor's Ratings Services said today it assigned its 'A' long-term debt rating to the €425 million dated junior subordinated fixed-to-floating eurodenominated notes (the Subordinated Notes) issued by Switzerland-based insurer Zurich Insurance Company Ltd. (ZIC; AA-/Negative/A-1+) under its $10 billion Euro Medium-Term Note program. ZIC is the main operating company of the Switzerland-based Zurich Financial Services Group. The Subordinated Notes will be repackaged and purchased by special-purpose-vehicle Cloverie PLC, which will simultaneously issue repackaged notes (the Repackaged Notes) that are collateralized by ZIC's Subordinated Notes (see "Presale: Cloverie PLC," published on July 21, 2009, on RatingsDirect). The 'A' rating reflects ZIC's financial strength, the subordinated nature of the notes, and the interest-suspension features
