On Dec. 5, 2014, 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 Allianz SpA at three notches above our sovereign credit rating on Italy, as the company's high exposure to Italian sovereign risk is mitigated by our view of Allianz SpA as core to Germany-based Allianz SE. We are consequently lowering our ratings on Allianz SpA to 'A-' from 'A'. The stable outlook mirrors that on Italy. On Dec. 12, 2014, Standard&Poor's Ratings Services lowered its long-term counterparty credit and insurer financial strength ratings on Italy-based insurer Allianz SpA to 'A-' from 'A'. The outlook is stable. The rating actions
