FRANKFURT (Standard&Poor's) Nov. 10, 2008--Standard&Poor's Ratings Services said today it affirmed its 'AA' long-term counterparty credit and insurer financial strength ratings on Germany-based Allianz SE (AZSE) and various core operating entities. At the same time, we affirmed our 'A-1+' short-term ratings on AZSE and various core operating subsidiaries. The outlook on all entities is stable. "The affirmation reflects the relative resilience of AZSE's consolidated group capital adequacy and continued sound underlying operating profitability when seen in the context of current adverse financial market and economic conditions," said Standard&Poor's credit analyst Karin Clemens. It also reflects our expectation that AZSE will successfully complete the sale of Dresdner Bank AG (Dresdner; A/Negative/A-1) to Germany-based Commerzbank AG
