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Allianz AG, Dresdner Bank AG, and Core Subsidiaries on Watch Negative Following Profit Warning Aug 02
Standard & Poors, Aug 2002
Abstract
FRANKFURT (Standard & Poor's) Aug. 1, 2002--Standard & Poor's Ratings Services said today it placed its long-term ratings, including its double-'A'-plus counterparty credit and insurer financial strength ratings, on Munich-based insurance group, Allianz AG (Allianz), and related entities on CreditWatch with negative implications. At the same time, Standard & Poor's placed its double-'A'-minus/'A-1'-plus counterparty credit ratings on Dresdner Bank AG (Dresdner Bank) and related entities on CreditWatch with negative implications. 'The CreditWatch placement follows Allianz's profit warning and announcement of further significant restructuring measures at Dresdner Bank, due to the negative effect of continuing weak capital markets and a difficult economic environment on the group's investment performance and on that of its banking subsidiary,' said Michael Zlotnik, managing director at...
Companies mentioned in this report are: Allianz SE,Dresdner Bank AG
Action: On CreditWatch:Negative
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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