Following a review of Germany-based Allianz SE under our revised insurance criteria, we are affirming our 'AA/A-1+' ratings on the company and its core subsidiaries. The ratings predominantly reflect our view of the group's excellent business risk profile and very strong financial risk profile, based on its highly diverse franchise and very strong capital and earnings. The stable outlook reflects our view that the group's restored capital adequacy provides a substantial buffer against tough economic conditions in Italy and low interest rates, especially in Germany. On May 22, 2013, Standard&Poor's Ratings Services affirmed its 'AA' insurer financial strength rating and 'AA/A-1+' long- and short-term counterparty credit ratings on Germany-based global multiline insurer Allianz SE and its core subsidiaries.
