On Oct. 3, 2007, Standard&Poor's Ratings Services withdrew its 'AA' long-term counterparty credit and insurer financial strength ratings on Italy-based composite insurer Lloyd Adriatico SpA. Standard&Poor's also withdrew its 'BBBpi' (unsolicited) long-term counterparty credit and insurer financial strength ratings on Allianz Subalpina SpA. At the same time, Standard&Poor's affirmed its 'AA' long-term counterparty credit and insurer financial strength ratings on Italy-based insurer Allianz SpA (formerly Riunione Adriatica di Sicurtà SpA). The outlook is stable. The rating actions follow the restructuring of the Italian operations of Germany-based Allianz SE (AZSE; AA/Stable/A-1+), legally effective Oct. 1, 2007. After the hive-down of the insurance business of Lloyd Adriatico and Allianz Subalpina into Riunione Adriatica di Sicurtà (RAS),
