FRANKFURT (Standard&Poor's) March 2, 2009--Standard&Poor's Ratings Services said today its 'A+' issue ratings on $2.0 billion in subordinated bonds issued by Allianz SE (AZSE; AA/Stable/A-1+) in 2008 and on €0.8 billion in subordinated bonds guaranteed by AZSE and issued by Allianz Finance II B.V. in 2006 are unaffected by the increased likelihood of the activation of mandatory deferral triggers during 2009. The 'A' rating on Allianz SE's €1.5 billion subordinated bonds issued in 2004 also remains unchanged. We believe that AZSE's management is fully committed to settling all its interest obligations on the scheduled payment dates. The group's quarterly losses in the second half of 2008, mainly stemming from its discontinued banking business, have, in our
