Standard & Poor's, the ratings agency, expects Dresdner Bank's ratings to fall by at least one notch even if Allianz, the bank's parent, survives a forthcoming ratings review unscathed.

The rating agency said that any downgrade for Allianz, which is rated AA+, could be one or two notches. Dresdner, which is currently rated AA-, will probably fall out of the Double-A band, an event that would increase Dresdner's funding and counterparty costs in the financial markets.

Piers Townsend

Allianz

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