FRANKFURT (Standard&Poor's) Nov. 12, 2007--Standard&Poor's Ratings Services said today that its ratings and outlook on Allianz SE (AA/Stable/A-1+) and related entities were unaffected by our revision of the outlook to stable from positive on its Germany-based subsidiary Dresdner Bank AG (Dresdner; A+/Stable/A-1; see separate article titled: ?Dresdner Bank Outlook Revised To Stable On Weaker Profit Prospects; 'A+/A-1' Ratings Affirmed?). The earnings capacity of the Allianz group remains very strong despite the likely setback in Dresdner's profitability, which is likely to extend into 2008, reflecting Allianz' strong and highly diversified business fundamentals and further evidenced by continued very strong operating results in the group's insurance and asset-management operations. The outlook revision on Dresdner reflected the expectation of
