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Rating Action:

Moody's Upgrades Zurich Insurance Company Debt Ratings

29 Apr 2008
Moody's Upgrades Zurich Insurance Company Debt Ratings

Affirms A1 IFSR, and debt supported by holding companies

London, 29 April 2008 -- Moody's Investors Service announced today that it had upgraded the senior and subordinated debt ratings of Zurich Insurance Company (ZIC) to A2 and A3 respectively, from A3 and Baa1, and assigned a stable outlook to the ratings. At the same time, the rating agency affirmed ZIC's A1 insurance financial strength rating, and affirmed the Baa2 and Baa3 ratings on the securities issued by ZFS Finance (USA) Trusts which benefit from a joint and several subordinated agreement from Zurich Financial Services (ZFS) and Zurich Group Holding (ZGH). Furthermore, the guaranteed senior and subordinated EMTN ratings of Zurich Bank were upgraded to A2 and A3 respectively, from A3 and Baa1, in line with the debt ratings of Zurich Insurance Company. The A1/P-1 bank deposit ratings of Zurich Bank are based on a surety bond issued by Zurich Insurance Company and are therefore affirmed.

Moody's said that these rating actions follow ZFS' announcement earlier today that as part of a Group restructuring, ZIC has acquired Farmers Group Inc. (FGI) and Allied Zurich Holdings (Jersey) Limited (the holding company for its UK based Life insurance company, Zurich Assurance Limited). Both companies were transferred from ZIC's immediate parent company, Zurich Group Holding.

With regard to the upgrade of ZIC's debt ratings, Moody's said that the acquisition of FGI by ZIC enhances the cash-flows available to ZIC creditors by way of access to dividends from FGI. The fact that the economic interest in FGI had previously inured to ZGH was one of the driving factors behind the previous two notch difference between ZIC's IFSR and senior debt rating.

Concerning the affirmation of the ratings on securities supported by ZGH, Moody's believes that with the economic interest in FGI now inuring to ZIC, a two notch difference between the subordinated debt rating of ZIC and that of securities supported by ZGH is appropriate reflecting structural subordination and ZGH's access to dividends from ZIC.

The following ratings were upgraded and assigned a stable outlook:

-Zurich Insurance Company, guaranteed EMTN issuers (Zurich Finance (Luxembourg) S.A.; Zurich Finance (USA), Inc; Zurich Finance (UK) plc; Zurich bank); and guaranteed issuers - senior unsecured debt to A2 from A3; subordinated debt to A3 from Baa1.

The following ratings were affirmed:

-Zurich Insurance Company- A1 insurance financial strength rating

-Zurich Finance (USA) Trusts I-III which benefit from a joint and several subordinated agreement from Zurich Financial Services (ZFS) and Zurich Group Holding (ZGH)- Baa3 subordinated

-Zurich Finance (USA) Trusts IV-V which benefit from a joint and several subordinated agreement from Zurich Financial Services (ZFS) and Zurich Group Holding (ZGH)- Baa2 subordinated

-Zurich Bank- A1 Long-term bank deposit rating, P-1 Short term bank deposit rating, D Bank Financial Strength Rating

Based in Zurich, Switzerland, Zurich Financial Services is a leading provider of insurance services worldwide. ZFS reported Gross Written Premiums and Policy Fees of $47.5 billion and Equity of $29.2 billion as at YE07.

London
Simon Harris
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Dominic Simpson
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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