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22 May 2003
MOODY'S PLACES LONG-TERM RATINGS OF ALLIANZ GROUP UNDER REVIEW FOR POSSIBLE DOWNGRADE
P-1 commercial paper ratings confirmed
London, 22 May 2003 -- Moody's today placed its ratings for the Allianz Group (Aa2 senior
debt guaranteed by Allianz AG and see list below) under review for possible
downgrade. The rating action also includes the ratings of the Dresdner
bank group. Moody's added that the C- bank financial
strength rating and A2 preferred stock at Dresdner remain under review
for possible downgrade.
Moody's commented that it had maintained its negative outlook on
the ratings of the Allianz Group at the announcement in March 2003 of
the rights issue process, while citing concerns in the short-term
over the sustainability and quality of earnings of certain major subsidiaries.
Supporting its move to review, Moody's is increasingly concerned
at the performance of some key group entities. Moody's notes
the improved level of underwriting performance in some major non-life
areas, with the Group's combined ratio at under 98%
for the first quarter of 2003. However, Dresdner Bank,
although showing some improvement in the first quarter, is,
in Moody's view, likely to remain a material drag on the Group's
earnings for some time, given its reliance on the depressed German
economy and its exposure to capital markets slowdowns. Secondly,
although Moody's notes positively the improving performance at 'turnaround'
units such as Fireman's Fund and Allianz Global Risks, AGF
continues to underperform which, given its significant weight within
the Group is likely to hold back earnings growth of the Group.
In addition, all operations continue to be affected by asset impairments
and writedowns, and could potentially continue to do so for the
next few quarters.
In terms of capital, Moody's notes that the Group's
capital position remains relatively strong, as a result of the recent
equity raising and rebounds in equity markets since end March 2003.
However, more negatively the Group continues to retain significant
-- albeit reducing -- exposure to equity market volatility,
such that market falls could again reduce the Group's capitalisation
levels. In addition, the Group's strong business growth
in some areas creates in some cases material levels of financing needs.
Moody's review, which is likely to be concluded within the
next few months, will therefore focus on the ability of the Group
to successfully improve the performance of its underperforming business
units, as well as the Group's intentions in terms of managing
its business growth relative to its capital base. Moody's
will also examine the Group's short-term goals in mitigating
its risk profile, in terms of asset exposure and business profile.
The following ratings were placed under review for possible downgrade
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
Lloyd Adriatico SpA: Aa3 IFSR
Riunione Adriatica di Sicurta SpA: Aa2 IFSR
INSURANCE DEBT RATINGS
Allianz Finance BV: Aa2 senior debt
Allianz International Finance NV: Aa2 senior debt
Allianz Finance II BV : Aa2 senior debt and A1 subordinated debt
Dresdner Bank AG: Aa3 long-term deposit and debt ratings;
Aa3 MTN programme; A1 subordinated debt ratings.
Dresdner Bank AG, New York Branch: A1 subordinated debt ratings.
Dresdner Bank Luxembourg SA: A1 long-term deposit and debt
ratings; A2 subordinated debt rating.
Dresdner Finance NV: Aa3 guaranteed long-term debt rating;
Aa3 guaranteed long-term notes under their MTN programme.
Dresdner International Finance plc: Aa3 guaranteed long-term
Dresdner Bank Ireland: A1 deposit ratings.
The Following ratings remain under review for possible downgrade:
Dresdner Bank AG: C- FSR
Dresdner Funding Trusts: A2 preferred stock ratings.
Dresdner Bank Luxembourg: C+ FSR
The following ratings were confirmed with a stable outlook
Allianz AG: P-1 Commercial Paper
Allianz Finance Corporation: P-1 Commercial Paper
Hermes Kreditversicherungs-AG: P-1 short-term
insurance financial strength
Dresdner Bank AG: Prime-1 short-term deposit and debt
Dresdner Bank Ireland: Prime-1 deposit and debt ratings and
Dresdner Bank Luxembourg SA: Prime-1 short-term deposit
Dresdner Finance NV: Prime-1 guaranteed short-term
notes under their MTN programme
Dresdner US Finance Inc: P-1 short term debt rating.
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454
No Related Data.
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