NEW YORK (Standard & Poor's CreditWire) May 14, 2001--Standard & Poor's today affirmed its double-'A'-plus counterparty credit and financial strength ratings on Aid Association for Lutherans (AAL). The outlook is stable. The ratings reflect the fraternal benefit association's very strong business position, extremely strong capitalization, very strong operating performance, and excellent investment portfolio. These strengths are partially offset by the challenges AAL faces in improving sales growth and producing consistent earnings growth in a difficult economic environment. Major Rating Factors: -- Very strong and diversified business position. Standard & Poor's believes AAL's business position is very strong because of its niche position as the leading provider of financial services and products to Lutherans. AAL is trying to increase its 24%
