Standard & Poor's revised its outlook on Munich-based insurance group Allianz AG and various related entities to negative from stable today.
S&P said this was due to the weakened operating performance of Allianz overall.
It cited Allianz's weakened risk profile, disappointing earnings performance following its acquisition of Dresdner Bank AG, and uncertainty over the bank's restructuring measures.
However, S&P also affirmed all the group's ratings, including its AA+ long-term counterparty credit and insurer financial strength ratings, and its A1+ short-term ratings.
It said the the ratings reflect "the Allianz group's extremely strong global business position in insurance and financial services, and its extremely strong - although weakened - capitalization."
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