NEW YORK (Standard & Poor's) Sept. 4, 2003--Standard & Poor's Ratings Services said today that it placed its 'A+' financial strength and counterparty credit ratings on Allianz Ins. Co. of Canada and Trafalgar Insurance Co. of Canada (combined AZ Canada) on CreditWatch with negative implications. The rating implications reflect Standard & Poor's concerns with AZ Canada's weak (albeit improving) operating performance and inability to execute a profitable business model during the past two calendar years. Also reflected are Standard & Poor's concerns for the potential short-term operational risks that AZ Canada may incur though its restructuring and refocusing efforts, as well as Standard & Poor's concerns for AZ Canada's strategic importance to ultimate parent, Allianz AG's (AZAG; AA-/Negative/A-1+) long-term strategy....
Companies mentioned in this report are:
- Allianz Insurance Co. of Canada
- Dresdner Bank AG
- Allianz SE
- Trafalgar Insurance Company of Canada
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
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