Standard & Poor's affirmed its ratings on Germany-based R+V Versicherung AG (RVV; A+/Negative/--) on May 9, 2002. The affirmation is mainly based on the financial strength that RVV derives from its core operating subsidiaries, R+V Lebensversicherung AG (RVL; Api/--/--) and R+V Allgemeine Versicherung AG (RVA; A+pi/--/--). The ratings on RVV reflect the status of R+V as an integral part of the German cooperative banking sector. Based on its system of solidarity and its comprehensive protective scheme, Standard & Poor's considers this sector to be a single economic group, with continuing weak asset quality and pressures on profitability. The ratings on RVV further reflect R+V's extremely strong group consolidated capitalization at year-end 2001, as measured by Standard & Poor's risk-based capital
