On July 9, 2013, Standard&Poor's lowered its unsolicited long-term sovereign credit ratings on the Republic of Italy to 'BBB' from 'BBB+'. We cap our long-term ratings on Italy-based insurer Allianz SpA at three notches above our long-term rating on Italy, given the company's high exposure to Italian sovereign risk and its core status within Germany's Allianz group. We are consequently lowering our ratings on Allianz SpA to 'A' from 'A+'. The negative outlook mirrors that on Italy. On July 12, 2013, Standard&Poor's Ratings Services lowered its long-term insurer financial strength and counterparty credit ratings on Italy-based Allianz SpA to 'A' from 'A+'. The outlook is negative. The rating action follows our lowering to 'BBB' from 'BBB+'
