Standard & Poor's yesterday downgraded Lloyds' and Zurich insurance, and warned it may be again downgrade them and 15 other insurance groups because of the "catastrophic losses" from last week's World Trade Center collapse. S & P cut Lloyd's financial strength rating to "A" it's sixth highest grade, from "A-plus", and Zurich Insurance counterparty credit and financial strength to "AA", it's third highest grade, from "AA plus". S & P said insurers and reinsurers had so far run up $17.5 billion of insured losses from the collapse.