On July 11, 2007, Standard&Poor's Ratings Services raised its long-term counterparty credit and insurer financial strength ratings on German-based Allianz SE (AZSE) and various core operating entities to 'AA' from 'AA-'. As a consequence of the upgrade on AZSE, Standard&Poor's raised to 'AA-' from 'A+' the ratings on various AZSE's strategically important insurance subsidiaries (see ratings list below for entities affected). The outlook on all entities is stable. At the same time, Standard&Poor's affirmed its 'A-1+' short-term ratings on AZSE and various core operating subsidiaries. The upgrade reflects major and sustained improvements in Allianz's operating performance and a positive view of management combined with the expectation that Allianz will continue to efficiently execute its
