A.M. Best Affirms Rating of Allianz; Assigns Negative Outlook.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Sept. 20, 2002 A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating of A++ (Superior) of Allianz Aktiengesellschaft and its core entities (see list below) and assigned a negative outlook. At the same time A.M. Best has affirmed Allianz's debt ratings of "aa+" and assigned a negative outlook. The negative outlook reflects A.M. Best concerns that an accumulation of adverse developments will further deteriorate de·te·ri·o·rate v. 1. To grow worse in function or condition. 2. To weaken or disintegrate. Allianz's consolidated earnings and, therefore, may ultimately affect Allianz's still superior capitalisation n. 1. same as capitalization. Noun 1. capitalisation - writing in capital letters capitalization writing - letters or symbols that are written or imprinted on a surface to represent the sounds or words of a language; "he turned the paper . The adverse developments include the ongoing restructuring of Dresdner Bank Dresdner Bank AG is one of Germany's largest banking corporations and is based in Frankfurt. History 19th century Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. , the continued extremely weak equity markets and the recent flood claims in Europe. The latest event is Allianz's confirmation of the level of reserve strengthening at Fireman's Fund and the provision of additional capital (see separate press release on US subsidiaries). The following A++ (Superior) financial strength ratings have been affirmed and assigned a negative outlook: -- Allianz Lebensversicherungs-AG -- Allianz Versicherungs-AG -- Bayersiche Versicherungsbank-AG -- Frankfurter Versicherungs-AG -- Vereinte Krankenversicherung-AG -- Vereinte Lebensversicherung-AG -- Vereinte Versicherung-AG -- Allianz-Elementar Lebensversicherungs-AG -- Allianz-Elementar Versicherungs-AG -- Allianz Suisse Versicherungs-Gesellschaft -- Allianz Suisse Lebensversicherungs-Gesellsch aft -- Hermes Kreditversicherungs-AG -- Riunione Adriatica di Sicurta S.p.A. -- Assurances Generales de France IART -- AGF M.A.T -- Assurances Generales de France Vie -- Lloyd Adriatico S.p.A. -- Cornhill Insurance PLC -- Allianz Insurance Company -- Allianz Underwriters Insurance Company The following debt ratings have been affirmed and assigned a negative outlook: Allianz Finance B.V. II-- -- "aa+" rating on EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.2 billion 1.25% guaranteed exchangeable bonds, due 2006 Allianz Finance B.V.-- -- "aa+" rating on EUR 767 million 6% guaranteed bonds Guaranteed Bond A type of bond in which the interest and principal on the bond are guaranteed to be paid by a firm other than the issuer of the bond. Notes: This guarantee limits the impact on bondholders if the issuer of the bond goes into default. , due 2003 -- "aa+" rating on EUR 767 million 5.75% guaranteed bonds, due 2007 -- "aa+" rating on DEM See digital elevation model. 2.0 billion 3% guaranteed exchangeable bonds, due 2003 -- "aa+" rating on EUR 1.6 billion 5% guaranteed bonds, due 2008 -- "aa+" rating on CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.5 billion 3% guaranteed bonds, due 2005 -- "aa+" rating on DEM 1.7 billion 2% guaranteed exchangeable bonds, due 2005 Allianz Finance B.V. II-- -- "aa+" rating on EUR 2 billion 1.25% guaranteed exchangeable bonds, due 2004 A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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