International ratings agency Standard & Poor's (S&P) has assigned its AA-plus long-term rating to the €1.0bn (£623.3m) bond issued by Allianz Finance II.
The bond, which is exchangeable into shares of German utility RWE, is due 2006 and is guaranteed by Munich-based insurance company Allianz. Allianz also carries an AA-plus S&P rating.
S&P said the ratings reflected the Allianz Group's "extremely strong business position in Europe and other markets, and its extremely strong - although weakened - capitalisation.
It added that Allianz's more aggressive use of capital and the inconsistency of its usually strong operating performance had partially offset those strengths.
