On March 31, 2009, Standard&Poor's Ratings Services revised its outlooks to negative from stable on the various operating entities of Switzerland-based insurance group Zurich Financial Services (collectively ZFS), which includes Zurich Insurance Co., the members of the Zurich U.S. Intercompany Pool (ZUS), and the intermediate holding company Zurich Group Holding. At the same time, the 'AA-' long-term counterparty credit and insurer financial strength ratings on the core operating insurance companies and the 'A' counterparty credit rating on Zurich Group Holding were affirmed. The outlook revision follows our review of European global multiline insurers announced on Feb. 24, and is based on our opinion of the weakening of the group's risk-based capital adequacy as of year-end 2008, according to
