Ratings: Kamp Re, Allianz (Russia)

June 20, 2007

Standard & Poor’s Ratings Services said that its ‘CC’ senior secured debt rating on KAMP RE 2005 Ltd.’s $190 million floating-rate principal-at-risk notes are remaining on CreditWatch with negative implications, where it was placed on Oct. 13, 2005. The notes are due Dec. 14, 2007. S&P credit analyst Gary Martucci said there “have been no significant developments” since the placement.

Standard & Poor’s Ratings Services has 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 (Allianz Russia) with a stable outlook. The ratings “reflect a good level of capitalization and good operating performance,” stated S&P credit analyst David Laxton.

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