FRANKFURT (Standard&Poor's) March 1, 2004--Standard&Poor's Ratings Services said today it affirmed its 'A-' junior subordinated debt rating on the €1.5 billion perpetual subordinated bond issued by Germany-based operating company and group parent, Allianz AG (AZAG; AA-/Negative/A-1+) following receipt of final documentation. "The three notch differential between the counterparty credit rating on AZAG and the current issue rating reflects the subordinated nature of the bond and the nature of the interest deferral terms, which Standard&Poor's believes might expose investors to a somewhat increased possibility of interest deferral relative to the issuer's existing junior subordinated bonds," said Standard&Poor's credit analyst Karin Clemens. In particular, the current bond includes a mandatory deferral clause linked to
