NY -- Standard & Poor's CreditWire 1/23/97 -- Standard & Poor's today has lowered its claims-paying ability rating on Aid Association For Lutherans (AAL) to double-`A'-plus from triple-`A', reflecting an reduction in its competitive advantage providing life insurance to the Lutheran market. Factors contributing to the downgrade include declining life insurance sales credits, a shift from risk products to investment product sales where AAL's fraternal advantage is less effective, and a decrease in the size of the agency force over the past several years. Major Rating Factors: -- An excellent business review as the leading provider of life insurance and fixed annuities to Lutherans, which is enhanced by its affinity with policyholders. However, AAL's sales production has shifted from life
