Certain of the operating entities within the Allianz Group are subject to legal restrictions on the amount of dividends they can pay to their shareholders. Furthermore, regulators impose minimum capital rules on the level of both the Allianz Group’s operating entities and the Allianz Group as a whole. For detailed information on our capital requirements please see pages 180-183. You find them in the PDF file "Supplementary Information to the Consolidated Balance Sheets", which you can download on page Notes to the Consolidated Financial Statements.
In addition to regulatory requirements and our internal risk capital model, rating agencies use distinct methodologies to determine if our capital base is adequate. During the course of 2006, “Standard & Poor’s” has recognized the considerable strengthening of our capital base and revised the outlook for our rating accordingly.
As of December 31, 2006, Allianz SE had the following ratings with the major rating agencies:
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