Preliminary Rating Assigned To Cloverie#s Series 2016-2 Pass-Through Repack Of Zurich Insurance Co.#s Capital Notes

Stocks and Financial Services Press Releases Tuesday July 12, 2016 18:10
LONDON--12 Jul--S&P Global Ratings

LONDON (S&P Global Ratings) July 12, 2016--S&P Global Ratings today assigned its preliminary 'A' credit rating to Cloverie PLC's series 2016-2 repack notes (see list below). This transaction is a repackaging of fixed-rate capital notes issued by Zurich Insurance Co. Ltd. (AA-/Stable/A-1+), an insurance company domiciled in Switzerland. The subordinated notes and the repack notes will be issued simultaneously.

Our preliminary issue rating on the subordinated notes is 'A'. Under our current counterparty criteria, the minimum required rating for Citibank N.A. (London Branch) as the custodian can support the rating on the repack notes up to the 'AA' level (see "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013).

The transaction allows Zurich Insurance Co. to issue subordinated debt in a tax efficient format because the structure ensures that interest payments on the subordinated notes are not subject to Swiss withholding tax (a tax levied on interest on securities). In accordance with our "Global Methodology For Rating Repackaged Securities" criteria, published on Oct.

16, 2012, we have weak-linked our preliminary rating on the series 2016-1 repack notes to the lower of: Zurich Insurance Co.'s issuer credit rating as the payer of the issuer's ongoing expenses; and The issue rating on Zurich Insurance Co.'s fixed-rate capital notes.Cloverie is a segregated multi-issue special-purpose entity domiciled in the Republic of Ireland. It reflects our legal criteria, which include bankruptcy remoteness and segregation criteria (see "Multiple-Use Special-Purpose Entity Criteria--Structured Finance," published on May 7, 2013, and "Europe Asset Isolation And Special-Purpose Entity Criteria--Structured Finance," published on Sept. 13, 2013).


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