On Sept. 1, 2003, Standard&Poor's Ratings Services affirmed its 'A' counterparty credit and insurer financial strength ratings on Germany-based holding company and reinsurer R+V Versicherung AG (RVV). The outlook on both ratings is negative. The ratings on RVV are mainly based on the financial strength of its operating subsidiaries, R+V Lebensversicherung AG (RVL; Api/--/--) and R+V Allgemeine Versicherung AG (RVA; Api/--/--), which form the major parts of the R+V group (R+V). The ratings are supported by R+V's very strong risk-adjusted capitalization and very strong business position. These strengths are partly offset by the group's operating performance, which has yet to further improve. The ratings on RVV also reflect the status of R+V as an integral part of the
