FRANKFURT (Standard&Poor's) March 18, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on Germany-based Allianz SE (AZSE; AA/Stable/A-1+) and related entities are not affected by the group's plans to separate the wholesale- and retail-banking businesses of its Germany-based banking subsidiary Dresdner Bank AG (Dresdner; A/Negative/A-1) into two distinct legal entities (For further information see "Research Update: Dresdner Bank AG Ratings Cut To ?A? On Decision For Legal Split; Outlook Negative," published on March 18, 2008, on RatingsDirect). This move aims to provide AZSE with greater flexibility to explore strategic alternatives in case of further consolidation in the banking market. We will closely monitor implementation of the group's restructuring plans, which involve operational risks in
