Fitch Ratings has upgraded the long-term rating for Allianz Holding AG from A- to A. At the same time, Fitch affirmed the insurer financial strength ratings for Allianz Holdings AG and Allianz Leben AG as A+.
The ratings outlook for both the financial strength rating and debt rating were revised from negative to stable.
Fitch said the ratings action reflected Allianz's significant progress in protecting and enhancing the capital base of the Allianz Group. It said Allianz was likely to return to profit for the 2003 year of account, after suffering losses of €1.2bn during 2002.
