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Rating Action:

MOODY'S CHANGES OUTLOOK ON ALLIANZ' AND DRESDNER'S RATINGS TO NEGATIVE FROM STABLE

19 Nov 2002
MOODY'S CHANGES OUTLOOK ON ALLIANZ' AND DRESDNER'S RATINGS TO NEGATIVE FROM STABLE London, November 19, 2002 -- Moody's Investors Service today changed the outlook for its ratings on the Allianz Group (Alianz) to negative from stable (see list below) following the announcement of the Q3 2002 operating results.

Allianz's poor results for Q3 2002 reflect the previously announced need to increase provisions for A&E claims in the United States, the losses relating to European floods, the continued, although improving, losses at the Allianz subsidiary, Dresdner Bank, as well as the substantial impact of market-related asset write-downs. These substantial events offset underlying improvements in some operating businesses. Moody's notes that exceptional losses - asset impairments, asbestos provisioning and flood losses - contributed over EUR2 billion in losses in Q3 alone to the year-to-date loss of EUR0.9 billion. Moody's added that Allianz's capital position, although still good, has shown a substantial fall recently as a result of year-to-date losses and equity-related asset write-downs.

The move to a negative outlook from stable therefore reflects not only the Group's weakened earnings and capital position, but also Moody's belief that the currently investment market volatility and sustained economic difficulties may continue in the short- to medium-term and have an impact on Allianz overall earning situation. Moody's commented that Dresdner Bank, in particular, is likely to remain a drag on Group earnings. More positively, Moody's noted that the underlying profitability of Allianz's insurance business shows signs of improvement.

Dresdner Bank's Aa3 long-term senior debt and deposit ratings and negative outlook are based on the bank's strong integration into the Allianz group. The change to negative of the outlook on Dresdner Bank's C financial strength rating (FSR) reflects Moody's view that the Dresdner Bank's "corporates and markets" business model - combining the investment banking and corporate customer divisions - is becoming increasingly challenged, and could overshadow any potential improvement from the reorganization process of its retail banking franchise. With regard to Dresdner Bank's asset quality, Moody's believes that some legacy risks in the bank's US portfolio may remain, while its German loan portfolio may remain under pressure given that corporate insolvencies in Germany are continuing to increase.

Moody's added that further negative rating actions could result in the short to medium term if Allianz's underlying business improvement falters or if external investment market and economic influences lead to a further significant and resilient impairment of earnings and solvency.

The Allianz Group, headquartered in Munich, Germany, had total consolidated balance sheet assets of EUR859 billion as at the end of September 2002.

Outlooks on the following ratings were changed to negative from stable

INSURANCE FINANCIAL STRENGTH RATINGS

AGF Vie: Aa2 IFSR

AGF IART: Aa2 IFSR

Allianz Elementar Versicherungs-AG: Aa3 IFSR

Allianz Elementar Lebensversicherungs-AG: Aa3 IFSR

Allianz Lebensversicherungs-AG: Aa1 IFSR

Allianz Life Insurance Co of North America: A1 IFSR

Allianz Suisse Lebensversicherungs-Gesellschaft: Aa3 IFSR

Allianz Suisse Versicherungs-Gesellschaft: Aa3 IFSR

Cornhill Insurance plc : A1 IFSR

Fireman's Fund Insurance Company (and associated entities): A1 IFSR

Hermes Kreditversicherungs-AG: Aa3 IFSR and P-1 short-term IFSR

LifeUSA Insurance Company : A1 IFSR

Lloyd Adriatico SpA: Aa3 IFSR

Riunione Adriatica di Sicurta SpA: Aa2 IFSR


DEBT RATINGS

Allianz AG: P-1 Commercial Paper

Allianz Finance BV: Aa2 senior debt

Allians International Finance NV: Aa2 senior debt

Allianz Finance II BV : Aa2 senior debt and A1 subordinated debt

Allianz Finance Corporation: P-1 Commercial Paper

BANK RATINGS

Dresdner Bank AG: Aa3 long-term senior debts and deposits, A1 subordinated debt, P-1 short-term deposits and the C bank financial strength rating.

Dresdner Bank AG, New York branch: A1 subordinated debt

Dresdner Finance BV: Aa3 long-term senior debts and P-1 short-term debts

Dresdner US Finance Inc: P-1 Commercial Paper

Kleinwort Benson Limited: A1 long-term deposits, P-1 short-term deposits and the
C bank financial strength rating.

Dresdner International Finance Plc: Aa3 long-term senior debts

Dresdner Bank Luxembourg SA: A1 long-term senior debts and deposits, A2 subordinated debt, P-1 short-term deposits and the C+ bank financial strength rating.

Dresdner Bank (Ireland) Plc: A1 long-term deposits, P-1 short-term debts and deposits and the C- bank financial strength rating.

Dresdner Bank Funding Trust I, II, II and IV: A2 preferred stock.
No Related Data.
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