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Rating Action:

MOODY'S CONFIRMS RATINGS ON ALLIANZ; CHANGES RATING OUTLOOK TO NEGATIVE ON DEBT RATINGS AND NON-LIFE INSURANCE COMPANIES

03 Apr 2001
MOODY'S CONFIRMS RATINGS ON ALLIANZ; CHANGES RATING OUTLOOK TO NEGATIVE ON DEBT RATINGS AND NON-LIFE INSURANCE COMPANIES Moody's Investors Service has today confirmed its Aaa ratings on debt outstanding guaranteed by Allianz AG, the insurance financial strength ratings of several of its subsidiaries and short-term debt ratings on two subsidiaries. Moody's has also changed the rating outlook to negative from stable on senior unsecured debt and on the insurance financial strength ratings of U.S. non-life insurance companies, which are supported by the parent's rating.


The rating actions follow the joint official announcement by the Boards of both Allianz AG (Allianz) and Dresdner Bank AG (Dresdner), about the friendly take-over of Dresdner by Allianz. Moody's commented under a separate press release about the positive rating implications for Dresdner Bank. Moody's added that even though the joint Boards left unanswered certain aspects regarding management's expectations about revenue synergies and the financial implications of the deal, the fundamental and strategic rationale is sound and the financial cost is within Allianz's financial capacity.


The rating action is a reflection of Moody's view that the acquisition fits well within Allianz's strategic objectives. It represents a significant investment in two of Allianz's main business units, and Moody's believes that the likelihood of success, particularly in the domestic market, is relatively high. Allianz is the leading European insurance group, which comprises non-life insurance, life assurance, reinsurance and asset management operations. Moody's recognises that the underlying rationale for the transaction is strongly supported by demographic trends and the group's corporate strategic objectives.


The shift towards private pension provision in Germany ensures growth and demand for products and services from financial institutions for many years to come. Moody's has a positive outlook in the German life insurance industry, in which Allianz already maintains a very strong competitive position. By acquiring Dresdner, Allianz is widening its distribution network and the range of products it can offer to an even broader client base. The strategy is less about cross-selling products than about creating a wider net to receive larger investment flows in the future. The acquisition will allow the group to capture a larger share of the new savings and investment flows in the German economy. The complementary capabilities from Dresdner on retail savings and fund management should help Allianz preserve and increase its dominant position in this large and important market and provide an ever more solid platform for expansion.


The change in the rating outlook reflects essentially the challenges of execution risk, which Moody's sees as fairly significant over the near term. In addition to a large number of financial transactions, the success of which depends partly on the state of the markets, management will be working on the integration of the organisations and the improvement of the enlarged group's performance. Further, the rationale that supports the transaction also highlights that certain operations of Dresdner may not be viewed as long-term strategic holdings. Moody's will seek to understand management's plans for these operations.


The rating outlook changes affect the debt outstanding and the insurance financial strength ratings of the non-life insurance companies in the United States which benefit from the implied support of the parent. Moody's believes that the stand-alone financial strength of companies like Allianz Lebensversicherungs AG and the current rating notch spread between the parent and the credit insurance and US life insurance subsidiaries provide stability to their rating outlooks.


Moody's confirmed the following ratings with stable outlook:


Allianz Lebensversicherungs --- Aaa insurance financial strength rating

Hermes Kreditversicherungs AG --- Aa2 insurance financial strength rating

Hermes Kreditversicherungs AG - Prime-1 short-term debt rating

Allianz Life Insurance Company of North America - Aa3 insurance financial strength rating

LifeUSA Insurance Company - Aa3 insurance financial strength rating

Allianz of America Finance Corporation - Prime-1 short-term debt rating




Moody's also confirmed the following ratings but changed the outlook to negative:


Allianz Finance B.V. - Aaa senior unsecured long-term debt rating

Allianz Finance II B.V. - Aaa senior unsecured long-term debt rating

American Automobile Insurance Company --- Aa1 insurance financial strength rating

American Insurance Company --- Aa1 insurance financial strength rating

Associated Indemnity Corporation --- Aa1 insurance financial strength rating

Fireman's Fund Insurance Company of OH --- Aa1 insurance financial strength rating

Fireman's Fund Insurance Company of WI --- Aa1 insurance financial strength rating

Fireman's Fund Insurance Company --- Aa1 insurance financial strength rating

National Surety Corp. - Aa1 insurance financial strength rating




At 30th March 2001, Allianz AG had a market capitalisation of Euro 80.2 billion and Dresdner Bank AG had a market capitalisation of Euro 26.8 billion. Allianz AG is based in Munich, Germany.

No Related Data.
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