On March 31, 2009, Standard&Poor's Ratings Services affirmed its 'AA' long-term counterparty credit and insurer financial strength ratings and its 'A-1+' short-term ratings on Germany-based Allianz SE (AZSE) and related core entities. The outlook on all entities is stable. The affirmation follows our review of European global multiline insurers announced on Feb. 24, and reflects our assessment of AZSE's comparative capital and earnings resilience, as well as what we view as the group's very strong competitive position and financial flexibility. For further information on this review see "Various Rating Actions On European Global Multiline Insurers After Portfolio Review," published today on RatingsDirect. We expect AZSE's risk-based capital adequacy to have fallen to the 'A' category during the first
