LONDON (Standard&Poor's CreditWire) Sept. 17, 1999--Standard&Poor's today assigned its 'A-1'-plus commercial paper and short-term debt ratings to Allianz AG (triple-'A'/Stable/--), the parent company of the Munich-based Allianz insurance group. The rating, which applies to Allianz's euro (Eur) 1 billion multicurrency commercial paper program, reflects the group's extremely strong business position in Europe, its extremely strong capitalization, and its strong profitability. Partially offsetting these strengths is the need to respond to the rapidly changing global insurance market. Major rating factors: -- Extremely strong business position in Europe. Allianz enjoys an enviable position in the German life and nonlife markets, being quite clearly the market leader in both these lines of business. While the group's European market penetration
