Please note that the ratings covered by this full analysis apply only to core entities of the Zurich Financial Services group (ZFS), which are listed below. These ratings do not apply to any noncore or unrated entities of ZFS. Ratings assigned to noncore entities of ZFS are published individually. Very strong competitive position. Strong management and credible corporate strategy. Strong enterprise risk management. Sustained track record of very strong operating performance. Weakening of risk-based capital adequacy. High exposure to volatile industrial lines business and softening market conditions. The ratings on the various operating entities of Switzerland-based insurance group Zurich Financial Services (ZFS), including the members of the Zurich U.S. Intercompany Pool, reflect Standard&Poor's Ratings Services' view of ZFS'
