On Nov. 28, 2006, Standard&Poor's Ratings Services revised its outlook to positive from stable 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), and on the intermediate holding Zurich Group Holding. At the same time, Standard&Poor's affirmed the 'A+' long-term counterparty credit and financial strength ratings on the group's core subsidiaries as well as the 'A-' counterparty credit rating on Zurich Group Holding. The outlook revision reflects the major and sustained improvement in ZFS' operating performance and management's commitment to further operational improvements, combined with a track record of successfully implemented efficiency improvements and further enhanced risk-management capabilities. Standard&Poor's
