On July 29, 2008, Standard&Poor's Ratings Services affirmed its 'AA' long-term counterparty credit and insurer financial strength ratings on Germany-based Allianz SE (AZSE) and various core operating entities. At the same time, Standard&Poor's affirmed its 'A-1+' short-term ratings on AZSE and various core operating subsidiaries. The outlook on all entities is stable. The affirmation reflects the Allianz group's global franchise, with leading positions in major markets, very strong operating performance in its insurance and asset-management activities, and very strong financial flexibility. Repeated setbacks at Allianz's banking subsidiary, Dresdner Bank AG (Dresdner; A/Negative/A-1), the bank's significantly weakened earnings prospects, and the resulting pressure to reduce the group's banking exposure, are offsetting factors. AZSE boasts a highly diversified
