New York -- Standard&Poor's CreditWire 3/6/98 -- In October 1997, Standard&Poor's placed various ratings on CreditWatch following the announcement of the planned merger of Zurich Insurance Co. (double-'A'-plus/Watch Neg/--) with B.A.T Industries PLC's (BAT) (single-'A'-minus/Watch Neg/'A-2') financial services businesses. Standard&Poor's has since had detailed discussions with the management of both parties. Based on these discussions, Standard&Poor's rating of Zurich, if lowered, is now unlikely to be lowered below double-'A' following the successful completion of the merger (which is not expected until the final quarter of this year). Standard&Poor's had previously only been able to state that the rating would remain in the double-'A' range. This results in rating affirmations for
