Allianz SpA's 'Aa3' IFSR affirmed; outlook stable - Moody's |
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Published
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Sun, 14 Oct 2007 21:03
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MUMBAI (Thomson Financial) - Moody's Investors Service affirmed its 'Aa3' insurance financial strength rating and stable outlook on Allianz SpA.It added the ratings reflect the ownership by Allianz SE as well as the relative importance of the Italian market for Allianz SE. The affirmation also reflects Allianz's very strong stand-alone financial fundamentals and franchise in Italy, Moody's said.Moody's said these actions conclude the final legal integration of the main subsidiaries: RAS, Lloyd Adriatico and Allianz Subalpina of Allianz SE, rated 'Aa3' IFSR in Italy.Italy is the second most important insurance market for Allianz and the second biggest contributor in Europe after Germany.Moody's also upgraded Lloyd Adriatico's IFSR to 'Aa3' from 'A1' and said it will withdraw its ratings on the company as its insurance operations have been integrated under Allianz effective Oct 1.TFN.newsdesk@thomson.compvi/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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