FRANKFURT (Standard&Poor's) Jan. 30, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on Allianz SE (AA/Stable/A-1+) and related entities were not immediately affected by the revision of the outlook to negative from stable on its Germany-based subsidiary Dresdner Bank AG (Dresdner; A+/Negative/A-1; for more information, see summary analysis "Dresdner Bank AG," published earlier today on RatingsDirect). The ratings on Allianz remain supported by its continued very strong operating results in its insurance and asset management operations, which largely offset Dresdner's weaker earnings prospects due to a potentially longer lasting difficult capital market environment. Nonetheless, we will continue to closely monitor the implications of market developments on the group's earnings, capitalization, and liquidity. Downward rating
