A.M. Best Upgrades Ratings of Trust Preferred Securities Issued by Zurich Holding Company of America, Inc.
* Reuters is not responsible for the content in this press release.
OLDWICK, N.J.--(Business Wire)-- A.M. Best Co. has upgraded the debt ratings to "a-" from "bbb" on the USD 1.5 billion subordinated trust preferred securities issued in May 2007 by Zurich Holding Company of America, Inc. (ZHCA) (United States) through ZFS Finance (USA) Trust IV for a principal amount of USD 500 million and through ZFS Finance (USA) Trust V for a principal amount of USD 1 billion. The outlook for both ratings is stable. The upgrades are based on the transfer of the subordinated support agreement from Zurich Group Holding (Switzerland) to Zurich Insurance Company Ltd (ZIC) (Switzerland), the main operational company of the Zurich group, while Zurich Financial Services Ltd (Switzerland) remains part of the agreement, jointly with ZIC. For Best`s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. A.M. Best Co. Analysts Fabien Duprez +(44) 20 7626 6264 fabien.duprez@ambest.com or Deniese Imoukhuede +(44) 20 7626 6264 deniese.imoukhuede@ambest.com or Public Relations Jim Peavy +(1) 908 439 2200, ext. 5644 james.peavy@ambest.com or Rachelle Morrow +(1) 908 439 2200, ext. 5378 rachelle.morrow@ambest.com Copyright Business Wire 2009
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.
Follow Reuters