On Sept. 1, 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 related core entities. The 'A-1+' short-term corporate credit rating was also affirmed. The outlook on AZSE and various core entities is stable. The affirmation follows AZSE's announcement that it will sell its banking subsidiary Dresdner Bank AG (Dresdner Bank; A/Negative/A-1) in 2009 in a two-step transaction to Germany-based Commerzbank AG (Commerzbank; A/Negative/A-1) for a total consideration of €9.8 billion. The purchase price includes a protection of up to €975 million that AZSE is providing to cover losses on certain asset-backed securities assets of Dresdner Bank. Following completion of the transaction, which is expected by
