The ratings on Italian insurer R.A.S. - Riunione Adriatica di Sicurtà SpA (RAS SpA) reflect the company's core role within the Munich-based Allianz group (the parent company of the group, Allianz AG, is rated AA+/Stable/A-1+). Additional factors supporting the ratings are RAS SpA's very strong business position, very strong management, extremely strong capitalization, and strong earnings. Partially offsetting these strengths is the increasingly competitive nature of the Italian insurance market and the company's more aggressive management of its capital base. Very strong business position. On a consolidated basis, RAS SpA ranks second in the Italian market overall, after Assicurazioni Generali SpA (AA/Stable/--). RAS SpA is 51.8%-owned by Allianz AG and is the parent company of the RAS group. In July
