On May 23, 2005, Standard&Poor's Ratings Services affirmed its ratings on the various operating entities of Switzerland-based composite insurance group Zurich Financial Services (collectively ZFS), including its 'A+' long-term counterparty credit and insurer financial strength ratings and its 'A-1' short-term foreign currency counterparty credit rating on Zurich Insurance Co. At the same time, all ratings were removed from CreditWatch, where they had been placed with negative implications on Feb. 17, 2005, pending a detailed review of the group's reserve adequacy. The outlook is negative. Standard&Poor's also affirmed and removed from CreditWatch with negative implications its 'A+' long-term counterparty credit and insurer financial strength ratings on the members of the Zurich U.S. Intercompany Pool (ZUS). The outlook
