FRANKFURT (Standard&Poor's) Dec. 3, 2003--Standard&Poor's Ratings Services said today it affirmed its 'AA-' long-term insurer financial strength and counterparty credit ratings on Munich-based Allianz AG (AZAG) and various core operating entities. In addition, Standard&Poor's affirmed its 'A-1+' short-term ratings on AZAG. The outlook is negative. The affirmation follows Standard&Poor's regular review of AZAG and related entities. "The ratings on AZAG, the holding company of the Allianz group, reflect the progress in the group's restructuring process, an improved earnings outlook, and improved capitalization," said Standard&Poor's credit analyst Karin Clemens. "The ratings are further supported by the group's very strong business position." These strengths are partly offset by the continued magnitude of
