Financial market developments in the second half of 2011 and increased credit risk in the eurozone have weakened Allianz group's risk-adjusted capital adequacy to a level close to our minimum expectations for the current rating. We are revising the outlook on Allianz SE, its related core subsidiaries, and several strategically important subsidiaries to negative to reflect the risk of further pressure on their capitalization. We are removing the ratings from CreditWatch, where they were placed with negative implications on Dec. 9, 2011. We are affirming the 'AA/A-1+' long- and short-term counterparty credit and insurer financial strength ratings on Allianz SE and its related core entities as well as the 'AA-' ratings on several strategically important subsidiaries on the basis of
