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Allianz SE Aug 07
Standard & Poors, Aug 2007
Abstract
Very strong operating performance Positive view of management Very strong competitive position Very strong flexibility Capitalization is lower than that commensurate with the current rating Strategic challenge to achieve meaningful profitable growth Relatively lower creditworthiness of Dresdner Bank The ratings on Germany-based Allianz SE (AZSE) and related entities are based on the Allianz group's (Allianz) very strong operating performance and a positive view of management combined with the expectation that Allianz will continue to efficiently execute its strategy. Further supporting factors are a very strong competitive position and very strong financial flexibility. Partly offsetting these strengths is Allianz's capitalization, which is below the current rating level and the relatively weaker creditworthiness of Dresdner Bank AG (Dresdner: A+/Positive/A-1). Operating performance has...
Companies mentioned in this report are: Allianz SE,Dresdner Bank AG,Allianz Vie,Allianz IARD,Allianz Life Insurance Co. of North America,Allianz Life Insurance Co. of New York,Allianz Global Risks U.S. Insurance Co.,Allianz Underwriters Insurance Co.,Allianz Versicherungs AG,Allianz Global Corporate & Specialty (France),Allianz Global Corporate & Specialty AG,Lloyd Adriatico SpA,Allianz SpA,Allianz Elementar Versicherungs - AG,Allianz Lebensversicherungs Aktiengesellschaft,Allianz Private Krankenversicherungs - AG,Allianz Elementar Lebensversicherungs AG
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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