Standard&Poor's revised its outlook on Munich-based insurance group Allianz AG (Allianz) and various related entities to negative from stable on March 21, 2002, mainly as a result of the group's overall weakened operating performance. (See list below for all entities affected.) At the same time, Standard&Poor's affirmed all its long- and short-term ratings on the group. The outlook revision reflects Allianz's weakened risk profile and disappointing earnings performance following its acquisition of Dresdner Bank AG (Dresdner; AA-/Negative/A-1+) in 2001, uncertainty about the adequacy of the bank's restructuring measures, and the early stage of integration and realized synergies. In addition, the operating results of Allianz's insurance operations are currently not in line with the high rating level.
