(Editor's note: The reference to the Dresdner Bank media release in the second paragraph of this article, originally published Oct. 9, 2002, has been revised. A corrected version of this article follows.) On Oct. 9, 2002, Standard&Poor's Ratings Services said it lowered its long-term insurer financial strength and counterparty credit ratings on Munich-based Allianz AG (AZAG) and various related entities by one notch, predominantly to double-'A' from double-'A'-plus, mainly as a result of the Allianz group's (Allianz) weakened risk profile, disappointing earnings performance, and weakened (although very strong) capitalization. The ratings were removed from CreditWatch, where they were placed on Aug. 1,2002, following Allianz's profit warning. The outlook is negative. At the same time, Standard&Poor's affirmed
