...+ On Dec. 5, 2014, we lowered our ratings on the Republic of Italy to '###-/A-3' from '###/A-2'. + We consider that Germany-based global multiline insurer Allianz SE continues to bear significant exposure to Italian government bonds. + Although we view this as a risk to our ratings on Allianz, we still think the group's capital adequacy provides a substantial buffer to absorb the risk linked to this exposure. + We are therefore affirming our '##/A-1+' ratings on Allianz SE and its '##' rated core subsidiaries, and our '##-' ratings on its highly strategic subsidiaries. + The stable outlook reflects our view that the group's capital adequacy will remain in the '##' range and earnings will be consistent with our base case. FRANKFURT (Standard & Poor's) Dec. 11, 2014--Standard & Poor's Ratings Services said today that it had affirmed its '##' insurer financial strength rating and '##/A-1+' long- and short-term counterparty credit ratings on Germany-based global multiline insurer Allianz SE...
