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Research Update: Zurich Financial Services Sep 02

Standard & Poors, September 2002

Abstract
(Editor's note: The ratings on Zurich Australian Insurance Ltd. were misstated in the rating list at the end of this analysis, which was originally published on Sept. 5, 2002. Previous amendments to this list: The ratings on Zurich Financial Services, Fidelity & Deposit Co. of Maryland, Zurich Australia Ltd., and Zurich Specialties London Ltd. were misstated in the rating list. The ratings on Farmers New World Life Insurance Co., Zurich Agrippina Versicherung AG, and Zurich Lebensversicherungs-Gesellschaft (Zurich) were added to the list below. A corrected version of the article follows.) On Sept. 5, 2002, Standard & Poor's Ratings Services lowered its long- and short-term ratings on related entities of Switzerland-based Zurich Financial Services (collectively ZFS) to single-'A'-plus/'A-1' from double-'A'-minus/'A-1'-plus, respectively....

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Zurich Insurance Group.
- Kemper Corp. (Old)
- Foremost Insurance Co. of Grand Rapids MI
- Zurich Insurance Co. Ltd.
- Maryland Casualty Co.
- Farmers Group Inc.
- Farmers Insurance Exchange
- Fire Insurance Exchange
- Truck Insurance Exchange
- Mid-Century Insurance Co.
- Farmers Insurance Co. of OR
- Farmers Insurance Co. Inc.
- Illinois Farmers Insurance Co.
- Texas Farmers Insurance Co.
- Fidelity & Deposit Co. of Maryland
- Zurich International (Bermuda) Ltd.
- Centre Solutions (Bermuda) Ltd.
- Farmers Insurance Co. of Arizona
- Farmers Insurance Co. of Idaho
- Farmers Insurance Co. of WA
- Farmers Insurance Co. of Columbus (OH)
- Mid-Century Insurance Co. of Texas
- Chase Insurance Life Co.
- Centreline Reinsurance Ltd.
- Centre Reinsurance Ltd.
- Centre Reinsurance International Co.
- American Guarantee & Liability Insurance Co.
- American Zurich Insurance Co.
- Zurich American Insurance Co. of IL
- Steadfast Insurance Co.
- Farmers New World Life Insurance Co.
- Chase Insurance Life and Annuity Co.
- Zurich American Life Insurance Co.
- Centre Life Insurance Co.
- American Federation Insurance Co.
- Assurance Co. of America
- Colonial American Casualty & Surety Co.
- Farmers Texas County Mutual Insurance Co.
- Foremost County Mutual Insurance Co.
- Foremost Property & Casualty Insurance Co.
- Foremost Signature Insurance Co.
- Maine Bonding & Casualty Co.
- Maryland Insurance Co.
- National Standard Insurance Co.
- Northern Insurance Co. of NY
- Valiant Insurance Co.
- ZC Specialty Insurance Co.
- Mountbatten Surety Co. Inc.
- Centre Reinsurance (U.S.) Ltd.
- Zurich Australian Insurance Ltd.
- Zurich Specialties London Ltd.
- Zurich Capital Trust I
- Zurich Australia Ltd.
- ZCM Matched Funding Corp.
- Zurich Bank
- Zurich Finance (USA) Inc.
- Farmer's Exchange Capital
- Zurich Lebensversicherungs-Gesellschaft (Zurich)
- Centre Solutions (U.S.) Ltd.
- Centre Insurance Co.
- Zurich American Insurance Co.
- Zurich Group Holding
- Centre Solutions (Asia) Ltd.
- Centre Insurance International Co.
- Swisscore Ltd.
- Zurich Financial Services (Jersey) Ltd.
- Stadium II Ltd.
- Zurich Capital Markets Inc.
- Zurich Versicherung AG
- Zurich Capital Markets Asia Ltd.
- Black Diamond Capital Funding I Ltd.
- Black Diamond Capital Funding Trust I, Ltd.
- Zurich Finance (UK) PLC

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