On June 19, 2007, Standard&Poor's Ratings Services raised to 'AA-' from 'A+' its long-term counterparty credit and insurer financial strength ratings on the various operating entities of Switzerland-based insurance group Zurich Financial Services (collectively ZFS), including the members of the Zurich U.S. Intercompany Pool (ZUS). At the same time, Standard&Poor's raised its short-term counterparty credit rating on various operating entities to 'A-1+' from 'A-1'. In addition, the counterparty credit rating on the intermediate holding Zurich Group Holding was raised to 'A' from 'A-'. The outlooks on all entities are stable. (See Ratings List below for entities affected.) The upgrade reflects the better-than-expected major and sustained improvements in ZFS' operating performance, strong and credible management commitment to
