FRANKFURT (Standard&Poor's) June 29, 2009--Standard&Poor's Ratings Services said today it assigned its 'A' long-term debt rating to proposed subordinated, perpetual, fixed-to-floating eurodenominated capital notes to be 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 capital notes will be purchased and repackaged by special-purpose-vehicle Cloverie PLC, which will then issue secured notes that are collateralized by ZIC's capital notes. The rating is subject to final documentation. The rating reflects ZIC's financial strength, the subordinated nature of the capital notes, and the interest-suspension features of the issues. We expect the standard two-notch differential
