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Allianz AG and Core Subsidiaries Ratings Lowered to 'AA'; Off Watch; Outlook Negative Oct 02
Standard & Poors, Oct 2002
Abstract
FRANKFURT (Standard & Poor's) Oct. 9, 2002--Standard & Poor's Ratings Services said today it lowered its long-term insurer financial strength and counterparty credit ratings on Munich-based Allianz AG (AZAG) and various related entities by one notch, predominantly to double-'A' from double-'A'-plus, mainly as a result of the Allianz group's (Allianz) weakened risk profile, disappointing earnings performance, and weakened (although very strong) capitalization. The ratings were removed from CreditWatch, where they were placed on Aug. 1, 2002, following Allianz's profit warning. The outlook is negative. At the same time, Standard & Poor's affirmed its 'A-1'-plus short-term ratings on AZAG and its subsidiaries. 'Allianz's operating performance, although historically very strong, has deteriorated recently, reflecting the very unsatisfactory performance of Dresdner Bank AG,...
Companies mentioned in this report are: Allianz SE,Dresdner Bank AG,Fireman's Fund Insurance Co.
Action: Downgraded, Off CreditWatch
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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