Fitch rates Allianz Bites A+, subordinated bonds A

Fitch Ratings said it assigned Allianz Holding AG's €1.2 billion exchangeable basket index tracking equity-linked securities (Bites) due in 2008 an A+ rating and its €1.4 billion 4.375% undated subordinated bond an A rating.

It has also assigned Allianz AG's €1.075 billion exchangeable bond issue due in 2006 an A+ rating.

At the same time, Fitch has upgraded Allianz AG's outstanding bonds and exchangeables following Thursday's upgrade of the group to long-term A+.

The exchangeable Bites and perpetual subordinated bond are part of Allianz AG's so called "All-in-one" capital market transactions. The main goals of the issue are to reduce equity gearing, de-leverage and strengthen Allianz AG's capital base by taking advantage of attractive market conditions. Fitch said it considers these capital market transactions have a positive impact on Allianz AG's credit profile.

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