FRANKFURT (Standard&Poor's) Jan. 18, 2007--Standard&Poor's Ratings Services said today that Germany-based Allianz SE's (AZSE; AA-/Positive/A-1+) intention to buy out the minority shareholders in AGF - Assurances Generales de France (AGF, A/Positive/A-1) and in Allianz Lebensversicherungs Aktiengesellschaft (Allianz Leben; AA-/Positive/--) for €10.5 billion is not expected to have an immediate impact on the rating and outlook on AZSE and its related core entities. The move is in line with management's strategy to reduce complexity, creates the basis for further integration, and eliminates significant dividend leakage. The transactions are to be financed via a capital increase and internal funding, and are unlikely to alter significantly AZSE's financial leverage. However, the move is likely to have a slightly negative
