S&P lifts Allianz Russia view to stable

Standard & Poor's said it revised the outlook on Allianz Insurance JSC (Allianz Russia) to stable from negative.

The agency also said it affirmed its BBB- counterparty credit and financial strength and ruAA+ Russia national scale ratings on the company.

The outlook revision reflects a gradual recovery in Allianz Russia's risk-based capital adequacy to a level commensurate with its stand-alone credit profile, S&P said.

The ratings also consider its strategic importance to its parent, Allianz SE, as well as Allianz Russia's good investment-portfolio quality and sound operating results, the agency said.

These strengths are partly offset by high industry risks associated with operating in the Russian Federation and Allianz Russia's limited competitive position in Russia's insurance market, S&P said.

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