S&P rates Allianz BBB-

Standard & Poor's said it assigned its BBB- long-term counterparty credit and insurer financial strength ratings and its ruAA+ Russia national scale rating to Russia-based life and non-life insurer Allianz Insurance JSC. The outlook is stable.

The ratings reflect a good level of capitalization and good operating performance, S&P said. The ratings also reflect Allianz Russia's strategic importance to Germany-based Allianz SE (AA-/positive/A-1+).

Negative rating factors include the high industry risk associated with operating in Russia (foreign-currency BBB+/stable/A-2, local-currency A-/stable/A-2, Russia national scale rating ruAAA) and a developing, yet modest competitive position in the local market, the agency said.

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