Allianz 'AA/A-1+' Affirmed On Solid Insurance And Asset-Management Business; Outlook Stable Jul 08

Standard & Poors, July 2008

Abstract
FRANKFURT (Standard & Poor's) July 29, 2008--Standard & Poor's Ratings Services said today it affirmed its 'AA' long-term counterparty credit and insurer financial strength ratings on Germany-based Allianz SE (AZSE) and various core operating entities. At the same time, Standard & Poor's affirmed its 'A-1+' short-term ratings on AZSE and various core operating subsidiaries. The outlook on all entities is stable. "The affirmation reflects the Allianz group's global franchise, with leading positions in major markets, very strong operating performance in its insurance and asset-management activities, and very strong financial flexibility," said Standard & Poor's credit analyst Karin Clemens. Repeated setbacks at Allianz's banking subsidiary, Dresdner Bank AG (Dresdner; A/Negative/A-1), the bank's significantly weakened earnings prospects, and the resulting pressure to...

Companies mentioned in this report are:
- Allianz SE
- Dresdner Bank AG

Action: Affirmed
Action: Outlook: Stable

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.

- Allianz SE
- Dresdner Bank AG

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