OREANDA-NEWS. Fitch Ratings has assigned Russia-based JSC IC Allianz (Allianz Russia) an Insurer Financial Strength (IFS) rating of 'BBB-' with Negative Outlook and a National IFS rating of 'AAA (rus)' with a Stable Outlook.

The IFS rating is based on 100% ownership of Allianz Russia by Allianz SE (IFS AA/Stable), one of the world's largest insurance groups but capped by Russia's sovereign Long-Term Local Currency Issuer Default Rating (IDR) of 'BBB-'. The rating also takes into account Allianz Russia's weak standalone capital position and operating performance. The Negative Outlook mirrors that on Russia's sovereign Long-Term Local Currency IDR.