FRANKFURT (Standard&Poor's) Feb. 16, 2004--Standard&Poor's Ratings Services said today it assigned its 'A-' junior subordinated debt rating to the proposed €1.0 billion perpetual subordinated bond to be issued by Germany-based operating company and group parent, Allianz AG (AZAG; AA-/Negative/A-1+). The rating is provisional and subject to confirmation of the final amount, terms, and conditions. "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
