Standard&Poor's Ratings Services placed its long-term ratings, including its double-'A'-plus counterparty credit and insurer financial strength ratings, on Munich-based insurance group, Allianz AG (Allianz), and related entities on CreditWatch with negative implications on Aug. 1, 2002. At the same time, Standard&Poor's placed its double-'A'-minus/'A-1'-plus counterparty credit ratings on Dresdner Bank AG (Dresdner Bank) and related entities on CreditWatch with negative implications. The CreditWatch placement follows Allianz's profit warning and announcement of further significant restructuring measures at Dresdner Bank, due to the negative effect of continuing weak capital markets and a difficult economic environment on the group's investment performance and on that of its banking subsidiary, Dresdner Bank. Over the coming weeks, Standard&Poor's will review,
