NEW YORK (Standard & Poor's CreditWire) July 29, 1999--Standard & Poor's today affirmed its double-'A'-plus financial strength and counterparty credit ratings on Aid Association for Lutherans (AAL). The outlook is stable. The rating reflects the fraternal benefit society's very strong business position as the leading provider of insurance to Lutherans, as well as its extremely strong capitalization, very strong operating performance, and very strong investment portfolio. Partially offsetting these strengths are challenges facing AAL in improving sales growth in an increasingly competitive market. Major rating factors: -- AAL's business profile is viewed as very strong due to its niche position as the leading provider of life insurance and annuities to Lutherans. The society benefits from its fraternal structure, with a
