Downgrade of Allianz Risk Transfer Reflects Downgrade of Parent, Allianz AG Oct 02
Standard & Poors, October 2002
Abstract
LONDON (Standard & Poor's) Oct. 10, 2002--Standard & Poor's today commented on yesterday's rating actions on Switzerland-based multiline insurer Allianz Risk Transfer (ART). On Oct. 9, 2002, Standard & Poor's lowered its long-term counterparty credit, insurer financial strength, and insurer financial enhancement ratings on ART to double-'A'-minus from double-'A', and affirmed its 'A-1'-plus short-term counterparty credit rating. In addition, the ratings were removed from CreditWatch and a negative outlook was assigned to ART. Yesterday's rating actions on ART were a consequence of the downgrade of its parent, Allianz AG (AZAG; AA/Negative/A-1+). At the same time, the insurer financial strength ratings on ART's two subsidiaries, Allianz Risk Transfer (Bermuda) Ltd. and Allianz Risk Transfer N.V., were lowered to double-'A'-minus from double-'A'....
Companies mentioned in this report are:
- Allianz Risk Transfer AG
- Dresdner Bank AG
- Fireman's Fund Insurance Co.
- Allianz SE
- Allianz France
- NS (Cayman) Ltd.
- Allianz Risk Transfer (Bermuda) Ltd.
- Allianz Risk Transfer N.V.
Action: S&P Event
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 Risk Transfer AG
- Dresdner Bank AG
- Fireman's Fund Insurance Co.
- Allianz SE
- Allianz France
- NS (Cayman) Ltd.
- Allianz Risk Transfer (Bermuda) Ltd.
- Allianz Risk Transfer N.V.
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