FRANKFURT (Standard&Poor's) Sept. 1, 2003--Standard&Poor's Ratings Services said today that it had affirmed its 'A' counterparty credit and insurer financial strength ratings on Germany-based holding company and reinsurer R+V Versicherung AG (RVV). The outlook on both ratings is negative. "The ratings on RVV are mainly based on the financial strength of its operating subsidiaries, R+V Lebensversicherung AG (RVL; Api/--/--) and R+V Allgemeine Versicherung AG (RVA; Api/--/--), which form the major parts of the R+V group (R+V)," said Standard&Poor's credit analyst Wolfgang Rief. "The ratings are supported by R+V's very strong risk-adjusted capitalization and very strong business position. These strengths are partly offset by the group's operating performance, which has yet to further improve." The
