FRANKFURT (Standard&Poor's) Sept. 12, 2006--Standard&Poor's Ratings Services said today that Allianz AG's (AZAG; AA-/Stable/A-1+) announcement to buy out the 44.5% minority interests in its Italian subsidiary Riunione Adriatica di Sicurta SpA (RAS; AA-/Stable/--) is not expected to affect the ratings or outlook on either company. AZAG will pay €5.7 billion for the transaction, assuming full acceptance of the tender offer. Standard&Poor's expects the effect of transaction to be largely neutral on the group's overall risk-adjusted capitalization thanks to the conservative funding structure to be put in place, which is mostly a combination of straight and deferred capital increases and hybrid debt issue. Moreover, the remaining part financed through senior debt (to a maximum of
