Credit ratings agency Moody's has downgraded its senior debt rating on Bermuda-based insurer Zurich International to Aa3 from Aa2.
The downgrade relates to a guaranteed, convertible zero coupon bond that was issued by the company in June 2001. The bond matures in July 2004.
Moody's said the move stemmed from its December 2001 downgrade of Zurich Insurance Company and its affiliates.
Zurich Insurance is the main company in the Zurich Financial Services group, which also includes Farmers Group, the UK operations of Eagle Star Holdings and Allied Dunbar.
