FRANKFURT (Standard&Poor's) Sept. 8, 2006--Standard&Poor's Ratings Services said today it assigned its 'BBB' long-term subordinated debt rating to the 20-year, noncallable for 10 years (20NC10) unsecured subordinated fixed-to-floating-rate bonds to be issued by Germany-based non-life insurer, Gothaer Allgemeine Versicherung AG (GA; A-/Stable/--). The rating is subject to final documentation and the amount of the issue is still to be finally determined. "The standard two-notch differential between the counterparty credit rating on GA and the subordinated debt rating assigned to the notes reflects their subordinated nature and the interest deferral features," said Standard&Poor's credit analyst Ralf Bender. The issue will be treated as hybrid equity in Standard&Poor's analysis of Gothaer insurance group's capital
