the Switzerland-based holding company of the ZFS Group which includes Zurich International (Bermuda) Ltd, to stable from negative.

The good news for the group comes from an improved nonlife operating performance, particularly in the UK, and the successful reduction of expense ratios.

The outlook revision also applies to: Zurich Insurance Co., Zurich International (Bermuda) Ltd., ZCM Matched Funding Corp., and Zurich Capital Markets Co.

At the same time, Standard & Poor's affirmed its double-'A' long-term counterparty credit rating on ZFS, and its double-'A'-plus long-term counterparty credit and financial strength ratings on the core insurance subsidiary companies of that group, as well as all other ratings on these entities.

CALCITECH TRIMS LOSS BUC Calcitech trims loss Bermuda-registered CalciTech Ltd. trimmed its operating loss in the 1999-2000 financial year, the company said.

The company during the financial year 1999/2000 continued to devote its resources to the commercialisation of its patented process for the manufacture of Precipitated Calcium Carbonate (PCC).

Loss from operations for the year ending February 29 was $ 2,676,000 compared to $ 3,650,000 in 1999, which includes amortisation of Deferred Development Costs and Patents totaling $933,000.

No revenue was generated in the financial year.