Rating agency Moody's has downgraded its ratings for senior
debt for the Allianz Group (guaranteed by Allianz AG) to Aa2 from Aaa (senior debt) and to A1 from Aa2 (subordinated debt).
Moody's said the rating of the changing risk profile, capital base and earnings stream of the Allianz Group was a result of recent external market-related developments as well as continued poor performance of Dresdner Bank.
It said: "The Allianz group, although maintaining leading positions in its core insurance markets in Germany, France and Italy, as well as significant banking presence in Germany and insurance operations in other markets, now shows a capital, earnings and risk profile more commensurate with the Aa senior debt category."
