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Rule 8.3 - Inmarsat Plc</title><newstex:docid xmlns:newstex="http://www.alacra.com/newstex">PRN-0004-26642395</newstex:docid><newstex:index_entry_company xmlns:newstex="http://www.alacra.com/newstex">ALLIANZ AKTIENGESELLSCHAFT</newstex:index_entry_company><newstex:index_entry_ticker xmlns:newstex="http://www.alacra.com/newstex">AZ</newstex:index_entry_ticker><category>News</category><alacra:ip>Newstex</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/cs/71578</link><guid isPermaLink="false">cs/71578</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><description> Euro Financial Movers: Bad News Is Better Out Than In Those that came through relatively unscathed from a horrible week were the issuers who have already got most of the bad news out there 
UK and Irish banks, which only report half-yearly,...</description><cs:csid xmlns:cs="http://www.alacra.com/cs">71578</cs:csid><title>Euro Financial Movers: Bad News Is Better Out Than In</title><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1551</cs:wcnum><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:wc xmlns:cs="http://www.alacra.com/cs">D</cs:wc><cs:type xmlns:cs="http://www.alacra.com/cs">0</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Article</cs:typew><cs:company xmlns:cs="http://www.alacra.com/cs">374</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">807</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">1234</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">328</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">360</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">329</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">356</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">1191</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">1224</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">357</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">365</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">355</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">1304</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">366</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">975</cs:company><cs:DS xmlns:cs="http://www.alacra.com/cs">corp</cs:DS><cs:geo xmlns:cs="http://www.alacra.com/cs">24</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">4</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">193</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">100</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">78</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">72</cs:geo><cs:industry xmlns:cs="http://www.alacra.com/cs">40</cs:industry><cs:industry xmlns:cs="http://www.alacra.com/cs">35</cs:industry><pubDate>7/14/2008 12:14:37 AM</pubDate><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:abstract xmlns:cs="http://www.alacra.com/cs">Issuers that have already quantified as much as possible of the bad news were the relative outperformers in a pessimistic stockmarket, even if their chief executives are feeling the heat for recent past performance.</cs:abstract><cs:docid xmlns:cs="http://www.alacra.com/cs">71578</cs:docid><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/newstex/PRN-0004-26574049</link><guid isPermaLink="false">newstex/PRN-0004-26574049</guid><newstex:index_mode xmlns:newstex="http://www.alacra.com/newstex">xml</newstex:index_mode><description> London, Jul. ##, #### (PR Newswire UK Disclose delivered by Newstex) --                                     FORM #.#                                        DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING #% OR MORE   ...</description><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">04000000</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">04016000</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">04016005</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">02000000</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">02002000</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">02002006</newstex:cat><pubDate>7/10/2008 1:06:07 PM</pubDate><newstex:event xmlns:newstex="http://www.alacra.com/newstex">18000000</newstex:event><newstex:event xmlns:newstex="http://www.alacra.com/newstex">18016000</newstex:event><newstex:Publication xmlns:newstex="http://www.alacra.com/newstex">PR Newswire UK Disclose</newstex:Publication><title>DRESDNER KLEINWORT SECURITIES LTD - Rule 8.3 - Inmarsat Plc</title><newstex:docid xmlns:newstex="http://www.alacra.com/newstex">PRN-0004-26574049</newstex:docid><newstex:index_entry_company xmlns:newstex="http://www.alacra.com/newstex">ALLIANZ AKTIENGESELLSCHAFT</newstex:index_entry_company><newstex:index_entry_ticker xmlns:newstex="http://www.alacra.com/newstex">AZ</newstex:index_entry_ticker><category>News</category><alacra:ip>Newstex</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/newstex/PRN-0004-26487605</link><guid isPermaLink="false">newstex/PRN-0004-26487605</guid><newstex:index_mode xmlns:newstex="http://www.alacra.com/newstex">xml</newstex:index_mode><description> London, Jul. #, #### (PR Newswire UK Disclose delivered by Newstex) --                                                                          FORM #.#     DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING #% OR MORE  ...</description><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">04000000</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">04016000</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">04016005</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">02000000</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">02002000</newstex:cat><newstex:cat xmlns:newstex="http://www.alacra.com/newstex">02002006</newstex:cat><pubDate>7/7/2008 2:06:13 PM</pubDate><newstex:event xmlns:newstex="http://www.alacra.com/newstex">18000000</newstex:event><newstex:event xmlns:newstex="http://www.alacra.com/newstex">18016000</newstex:event><newstex:Publication xmlns:newstex="http://www.alacra.com/newstex">PR Newswire UK Disclose</newstex:Publication><title>DRESDNER KLEINWORT GROUP LIMITED - Rule 8.3 - Taylor Nelson Sofres Plc</title><newstex:docid xmlns:newstex="http://www.alacra.com/newstex">PRN-0004-26487605</newstex:docid><newstex:index_entry_company xmlns:newstex="http://www.alacra.com/newstex">ALLIANZ AKTIENGESELLSCHAFT</newstex:index_entry_company><newstex:index_entry_company xmlns:newstex="http://www.alacra.com/newstex">TAYLOR NELSON SOFRES</newstex:index_entry_company><newstex:index_entry_ticker xmlns:newstex="http://www.alacra.com/newstex">AZ</newstex:index_entry_ticker><newstex:index_entry_ticker xmlns:newstex="http://www.alacra.com/newstex">TYNLY</newstex:index_entry_ticker><category>News</category><alacra:ip>Newstex</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/cs/71336</link><guid isPermaLink="false">cs/71336</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><description> Euro Insurance Capital: Hard to Measure, But Under Pressure Although banks have been taking the limelight, we think some of the focus on capitalisation should shift to the insurance sector 
Available-for-Sale and foreign exchange translation...</description><cs:csid xmlns:cs="http://www.alacra.com/cs">71336</cs:csid><title>Euro Insurance Capital: Hard to Measure, But Under Pressure</title><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1901</cs:wcnum><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:wc xmlns:cs="http://www.alacra.com/cs">D</cs:wc><cs:type xmlns:cs="http://www.alacra.com/cs">0</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Article</cs:typew><cs:company xmlns:cs="http://www.alacra.com/cs">374</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">1665</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">1143</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">797</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">517</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">361</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">376</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">365</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">1664</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">1735</cs:company><cs:DS xmlns:cs="http://www.alacra.com/cs">corp</cs:DS><cs:geo xmlns:cs="http://www.alacra.com/cs">4</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">193</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">78</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">72</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">102</cs:geo><cs:geo xmlns:cs="http://www.alacra.com/cs">146</cs:geo><cs:industry xmlns:cs="http://www.alacra.com/cs">40</cs:industry><pubDate>7/7/2008 12:13:00 AM</pubDate><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:abstract xmlns:cs="http://www.alacra.com/cs">A look at how excess capital at Europe's insurance companies has been eroded. In 2Q08 the process will have continued, and equity impairments are likely to be a feature of the second half, hitting the income statement and the headlines.</cs:abstract><cs:docid xmlns:cs="http://www.alacra.com/cs">71336</cs:docid><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/561531</link><guid isPermaLink="false">spcred/561531</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Full Report from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">pubfin</spcred:dataset><pubDate>7/4/2008 3:21:18 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><title>Allianz SE</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">561531</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Multi-line Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Financial Institutions</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">International Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Commercial Paper</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Collateralized Debt Obligations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Commercial MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Residential MBS</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Clear and consistently executed strategy Very strong operating performance Very strong competitive position Improved, but still relatively low, earnings diversification and contributions of banking activities Execution risk from reorganization The ratings on Germany-based Allianz SE (AZSE; formerly Allianz AG) and related entities are based on the Allianz group's (Allianz) strong execution track record combined with management's commitment to further restructuring efforts, very strong profitability, and very strong competitive position. The ratings also reflect Dresdner Bank AG's (A+/Stable/A-1) unsatisfactory level of earnings diversification and contribution, which is lagging those of the group's insurance operations, combined with its reliance on the structurally difficult German banking market and favorable capital-market environment. Management has successfully delivered on its turnaround strategy and continues to reshape</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">018805</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SE</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">116877</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg 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xmlns:spcred="http://www.alacra.com/spcred">D0553H</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D0553J</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D0553M</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D0553N</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D05544</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D22997</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D23002</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D23005</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2301C</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2303H</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2304K</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2305F</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2305U</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2309F</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230AW</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230B0</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230BA</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230BC</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230BL</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230MW</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">F14868</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">G2839A</spcred:index_entry_seccusip><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40101010 401010 4010 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40201020 402010 4020 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301040 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Risks U.S. Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of New York</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Private Krankenversicherungs - AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Lebensversicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Lebensversicherungs Aktiengesellschaft</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF S.A. - Assurances Generales de France S.A.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF - Assurances Generales de France Incendie Accidents Reassurances Transport</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Lloyd Adriatico SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Underwriters Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of North America</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Corporate&amp;Specialty (France)</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Versicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Dresdner Bank AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Versicherungs - AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Corporate&amp;Specialty AG</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">100695</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">313968</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314318</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314509</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid 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xmlns:spcred="http://www.alacra.com/spcred">305329</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">123633</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">123007</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">117362</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">123636</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">PAC</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_secreg><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">AGF@FP</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">10426Z</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">12261Z</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">10427Z</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">10428Z</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">211730Z@FP</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">DRB@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">AVGR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALL@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">2650Z@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1512Z@AV</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">R@IM</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">LA@IM</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1367T</spcred:index_entry_secticker><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">PUBFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">FI</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GOVS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABCP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CDO</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">RMBS</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/561532</link><guid isPermaLink="false">spcred/561532</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">pubfin</spcred:dataset><pubDate>7/4/2008 3:21:18 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Allianz SE</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">561532</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Multi-line Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Financial Institutions</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">International Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Commercial Paper</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Collateralized Debt Obligations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Commercial MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Residential MBS</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The ratings on Germany-based Allianz SE (AZSE; formerly Allianz AG) and related entities are based on the Allianz group's (Allianz) strong execution track record combined with management's commitment to further restructuring efforts, very strong profitability, and very strong competitive position. The ratings also reflect Dresdner Bank AG's (A+/Stable/A-1) unsatisfactory level of earnings diversification and contribution, which is lagging those of the group's insurance operations, combined with its reliance on the structurally difficult German banking market and favorable capital-market environment. Management has successfully delivered on its turnaround strategy and continues to reshape the group to position it for continued earnings momentum even under less favorable market conditions. Standard&amp;Poor's Ratings Services regards Allianz's proactive approach to enhancing growth, productivity, and</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">018805</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SE</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">116877</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">AUT</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">ITA</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">FRA</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_seccountry><spcred:index_entry_seccusip 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xmlns:spcred="http://www.alacra.com/spcred">D230BL</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230MW</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">F14868</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">G2839A</spcred:index_entry_seccusip><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40101010 401010 4010 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40201020 402010 4020 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301040 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Risks U.S. Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of New York</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Lebensversicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Lebensversicherungs Aktiengesellschaft</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Private Krankenversicherungs - AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF S.A. - Assurances Generales de France S.A.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF - Assurances Generales de France Incendie Accidents Reassurances Transport</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Lloyd Adriatico SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of North America</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Underwriters Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Corporate&amp;Specialty (France)</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Versicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Dresdner Bank AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Versicherungs - AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Corporate&amp;Specialty AG</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">313968</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314318</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314509</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">100695</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314147</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">329187</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">119006</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">329184</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">108895</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">326100</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">122856</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">312176</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">305329</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">123633</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">123007</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">117362</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">123636</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">PAC</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_secreg><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">AVGR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">DRB@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">211730Z@FP</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">10428Z</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">10427Z</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">12261Z</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">10426Z</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">AGF@FP</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1367T</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">LA@IM</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">R@IM</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1512Z@AV</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">2650Z@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALL@GR</spcred:index_entry_secticker><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">PUBFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">FI</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GOVS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABCP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CDO</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">RMBS</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/542834</link><guid isPermaLink="false">spcred/542834</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">pubfin</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>7/4/2008 3:21:09 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Allianz SE</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">542834</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Multi-line Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Financial Institutions</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">International Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Commercial Paper</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Collateralized Debt Obligations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Commercial MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Residential MBS</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The ratings on Germany-based Allianz SE (AZSE; formerly Allianz AG) and related entities (see table 5) are based on the Allianz group's (Allianz) strong execution track record combined with management's commitment to further restructuring efforts, very strong profitability, very strong competitive position, and strong and improving capitalization. The ratings also reflect Dresdner Bank AG's (A+/Stable/A-1) unsatisfactory level of earnings diversification and contribution, which is lagging those of the group's insurance operations, combined with its reliance on the structurally difficult German banking market and favorable capital market environment. Management has successfully delivered on its turnaround strategy and continues to reshape the group to position it for continued earnings momentum even under less favorable market conditions. Standard&amp;Poor's Ratings Services regards</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">018805</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SE</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">116877</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">AUT</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">ITA</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">FRA</spcred:index_entry_seccountry><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">018812</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">018815</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">018817</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">01882*</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">018824</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">261561</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">26156T</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">31825#</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">50154M</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D0553H</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D0553J</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D0553M</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D0553N</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D05544</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D22997</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D23002</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D23005</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2301C</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2303H</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2304K</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2305F</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2305U</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D2309F</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230AW</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230B0</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230BA</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230BC</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230BL</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230MW</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">F14868</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">G2839A</spcred:index_entry_seccusip><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40101010 401010 4010 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40201020 402010 4020 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301040 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Risks U.S. Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of New York</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Private Krankenversicherungs - AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Lebensversicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Lebensversicherungs Aktiengesellschaft</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF S.A. - Assurances Generales de France S.A.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF - Assurances Generales de France Incendie Accidents Reassurances Transport</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Lloyd Adriatico SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of North America</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Underwriters Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Corporate&amp;Specialty (France)</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Versicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Dresdner Bank AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Versicherungs - AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Corporate&amp;Specialty AG</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">313968</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314318</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314509</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">100695</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid 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xmlns:spcred="http://www.alacra.com/spcred">211730Z@FP</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1367T</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">R@IM</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">LA@IM</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALL@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">2650Z@GR</spcred:index_entry_secticker><spcred:index_entry_secticker 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xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CDO</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">RMBS</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/504373</link><guid isPermaLink="false">spcred/504373</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest News from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">pubfin</spcred:dataset><pubDate>7/4/2008 3:20:54 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><title>Allianz AG Outlook To Positive; 'AA-/A-1+' Ratings Affirmed; Dresdner Ratings Raised To 'A+'</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">504373</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Multi-line Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Financial Institutions</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">International Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Commercial Paper</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Commercial MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Residential MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Collateralized Debt Obligations</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">FRANKFURT (Standard&amp;Poor's) April 20, 2006--Standard&amp;Poor's Ratings Services said today it revised its outlook on Germany-based Allianz AG and various related entities to positive from stable. At the same time, the 'AA-/A-1+' long-term and short-term counterparty credit ratings and the 'AA-' insurer financial strength ratings on AZAG and various related operating entities were affirmed. In addition, Standard&amp;Poor's upgraded its long-term counterparty credit rating on Germany-based Dresdner Bank AG to 'A+' from 'A' and affirmed the 'A-1' short-term counterparty rating. The outlook on the bank is stable (see separate Research Update entitled "Germany's Dresdner Bank Ratings Upgraded To 'A+/A-1' On Improved Risk Profile; Outlook Stable" published on April 20, 2006, on RatingsDirect, Standard&amp;Poor's Web-based</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">018805</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SE</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">116877</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg 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xmlns:spcred="http://www.alacra.com/spcred">D230BL</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">D230MW</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">G2839A</spcred:index_entry_seccusip><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40101010 401010 4010 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Dresdner Bank AG</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">100695</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">PAC</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_secreg><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">DRB@GR</spcred:index_entry_secticker><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">PUBFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">FI</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GOVS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABCP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">RMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CDO</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/504598</link><guid isPermaLink="false">spcred/504598</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Research Update from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">pubfin</spcred:dataset><pubDate>7/4/2008 3:20:54 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Research Update: S&amp;PCORRECT: Allianz Outlook To Positive; 'AA-/A-1+' Ratings Affirmed; Dresdner Raised To 'A+'</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">504598</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Multi-line Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Financial Institutions</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">International Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Commercial Paper</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Commercial MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Residential MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Collateralized Debt Obligations</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">On April 20, 2006, Standard&amp;Poor's Ratings Services revised its outlook on Germany-based Allianz AG and various related entities to positive from stable. At the same time, the 'AA-/A-1+' long-term and short-term counterparty credit ratings and the 'AA-' insurer financial strength ratings on AZAG and various related operating entities were affirmed. In addition, Standard&amp;Poor's raised its long-term counterparty credit rating on Germany-based Dresdner Bank AG to 'A+' from 'A' and affirmed the 'A-1' short-term counterparty rating. The outlook on the bank is stable (see separate Research Update entitled "Germany's Dresdner Bank Ratings Upgraded To 'A+/A-1' On Improved Risk Profile; Outlook Stable," published on April 20, 2006, on RatingsDirect, Standard&amp;Poor's Web-based credit analysis system). The outlook</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">018805</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SE</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">116877</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_primreg><spcred:index_entry_primreg 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xmlns:spcred="http://www.alacra.com/spcred">ITA</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">AUT</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_seccountry><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">018812</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">018815</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">018817</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">01882*</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">018824</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">261561</spcred:index_entry_seccusip><spcred:index_entry_seccusip 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40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301040 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Risks U.S. Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Insurance PLC</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of New York</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Lebensversicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Lebensversicherungs 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America</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Underwriters Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Versicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Dresdner Bank AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Versicherungs - AG</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314318</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314338</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">313901</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid 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xmlns:spcred="http://www.alacra.com/spcred">343822</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">343821</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">344169</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">122856</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">305329</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">123633</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">123007</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">117362</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid 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xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">2650Z@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1512Z@AV</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALL@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1779Z@LN</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1208Z@SW</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">LA@IM</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">R@IM</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">AVGR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">ALV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">1367T</spcred:index_entry_secticker><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">PUBFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">FI</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GOVS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABCP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">RMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CDO</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/473227</link><guid isPermaLink="false">spcred/473227</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Full Report from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">pubfin</spcred:dataset><pubDate>7/4/2008 3:20:36 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><title>Allianz AG</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">473227</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Multi-line Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">International Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Commercial Paper</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Commercial MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Residential MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Collateralized Debt Obligations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Financial Institutions</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Very strong operating performance; Strong operational controls; Strong capitalization; and Very strong competitive position. Improved, but still low earnings contributions of banking activities. The ratings on Germany-based Allianz AG (AZAG) and related entities are based on the Allianz group's very strong operating performance, strong operational controls, strong capitalization, and a very strong competitive position, with the first tangible benefits of AZAG's bancassurance strategy emerging. These strengths are partially offset by the improving but still low earnings contributions of AZAG's banking activities. Allianz' earnings performance has become very strong. Positive earnings growth is being predominantly generated by improved operational fundamentals across all segments, but also reflects a favorable market environment. Performance in property/casualty insurance has been excellent, with a reported combined</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">018805</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SE</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">116877</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg 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xmlns:spcred="http://www.alacra.com/spcred">Allianz Mexico Compania de Seguros S.A.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Euler Hermes ACI Inc.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz PLC</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Insurance PLC</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Risks U.S. Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Chicago Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of New York</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co. of Ohio</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Private Krankenversicherungs - AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Lebensversicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz New Zealand Ltd.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co. of Missouri</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Lebensversicherungs Aktiengesellschaft</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Euler Hermes Kredietverzekering N.V.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Bayerische Versicherungsbank AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Midway Insurance Co. of IL</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Suisse Lebenversicherungs - Gesellschaft</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Euler Hermes Guarantee PLC</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Australia Insurance Ltd.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co. of Georgia</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Dresdner U.S. Finance Inc.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">London Verzekeringen N.V.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Euler Hermes Kreditversicherungs-AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Euler Hermes SIAC SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Elvia Reiseversicherungs-Gesellschaft AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Nederland Levensverzekering N.V.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Risk Transfer (Bermuda) Ltd.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Euler Hermes Credit Insurance Belgium S.A. (N.V.)</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Interstate Indemnity Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Interstate Fire&amp;Casualty Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF S.A. - Assurances Generales de France S.A.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Risk Transfer N.V.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">National Surety Corp.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Risk Transfer</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Frankfurter Versicherungs-AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Nederland Schadeverzekering N.V.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">American Automobile Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">American Standard Lloyds Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Euler Hermes SFAC</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co. of Hawaii Inc.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF - Assurances Generales de France Vie</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Indemnity Corp.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">AGF - Assurances Generales de France Incendie Accidents Reassurances Transport</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Suisse Versicherungs - Gesellschaft</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Lloyd Adriatico SpA</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Fireman's Fund Insurance Co. of Louisiana</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Life Insurance Co. of North America</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Underwriters Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Global Corporate&amp;Specialty (France)</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Associated Indemnity Corp.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">American Insurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Ireland PLC</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Versicherungs AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Dresdner Bank AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Allianz Elementar Versicherungs - AG</spc