The outlook of Zurich Financial Services (ZFS), the Switzerland-based holding company of the ZFS Group, was revised to stable from negative by S&P. Key factors in the rating action included the group’s improved nonlife operating performance and successful reduction of expense ratios. The revision also applies to Zurich Insurance Co., Zurich International (Bermuda) Ltd., ZCM Matched Funding Corp. and Zurich Capital Markets. S&P also affirmed its “AA” long-term counterparty credit rating on ZFS.
In related rating actions, the “AA+” long-term counterparty credit and financial strength ratings on the group’s core insurance subsidiaries and all other ratings on these entities were affirmed.
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