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Moody's repositions national scale insurance financial strength rating for Allianz's Turkish unit

Moody's on May 10 repositioned unit ' national scaleinsurance financial strength rating to Aaa.tr from Aa2.tr.

The rating agency attributed the action to the change in itsmethodology for national scale ratings that caused a recalibration of theTurkish national rating scale. The recalibration of the scale is expected toincrease by an average of 2.6 notches primary long-term national scale ratingsof 80% of Turkish issuers.

Any repositioned national scale ratings of individualissuers would not signify a change in credit risk, since their global scaleratings would remain unchanged.