On Sept. 19, 2011, Standard&Poor's lowered its unsolicited long- and short-term sovereign credit ratings on the Republic of Italy to 'A/A-1' from 'A+/A-1+' and maintained the negative outlook. In accordance with our criteria, we cap our rating on a 'core' insurance subsidiary with 10% exposure or higher to the jurisdiction of domicile at three notches above our rating on the related sovereign. Consequently, we are revising our outlook on Italy-based insurer Allianz SpA to negative from stable and affirming our long-term financial strength and counterparty credit ratings at 'AA'. MILAN (Standard&Poor's) Sept. 23, 2011--Standard&Poor's Ratings Services said today that it has revised its outlook on Italy-based Allianz SpA to negative from stable. At the
