FRANKFURT (Standard&Poor's) Aug. 2, 2005--Standard&Poor's Ratings Services said today it revised its outlook on Germany-based Allianz AG (AZAG) and various related insurance entities to stable from negative. At the same time, Standard&Poor's affirmed its 'AA-/A-1+' long-term and short-term counterparty credit and 'AA-' insurer financial strength ratings on AZAG and related core entities. The outlook revision follows Standard&Poor's regular review of AZAG and related entities. "The outlook revision reflects the continuing improvement in AZAG's consolidated earnings performance, which is reflective of sustained improvements in business fundamentals," said Standard&Poor's credit analyst Karin Clemens. "Further positive rating factors are strong operational controls, strong capitalization, and a very strong competitive position, with the first
