Rating agency Standard & Poor's yesterday said that Zurich Financial Services's announcement that subsidiary Centre Solutions would no longer write new credit enhancement business had no rating implication on Centre Solutions (Bermuda) Ltd.

Standard & Poor's said it had anticipated the company's participation in ratings-sensitive transactions was likely to be reduced when it affirmed Centre's ratings of A+ with a negative outlook in early October.

Standard & Poor's said it believed Centre's broad distribution base and willingness and ability to model financial solutions in the property/casualty and life and health areas would continue to provide a solid business position.

The S&P also said Centre's capital adequacy was expected to be maintained at "its historically excellent level".