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Allianz Ireland Nov 03
Standard & Poors, Nov 2003
Abstract
The ratings on Allianz Ireland PLC and Allianz Corporate Ireland PLC--collectively Allianz Ireland--reflect the companies' good business position in the domestic Irish and Northern Irish markets, good level of reserves, and conservative investment strategy. These positive factors are offset by Allianz Ireland's marginal earnings in recent years and marginal capital position. The ratings do not include credit for implied group support from the companies' ultimate parent, Allianz AG (AA-/Negative/A-1+). Good business position. The Allianz Ireland subgroup has a good business position, based on its strong presence in the Irish personal and commercial lines markets and its ability to leverage the Allianz brand. In addition, through its minority shareholder the group has favored access to the markets for religious buildings and...
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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