A.M. Best Affirms the Ratings of Euler Hermes American Credit Indemnity Company

Business Wire, Sept 28, 2007

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Superior) and the issuer credit rating (ICR) of "aa-" of Euler Hermes American Credit Indemnity Company (Euler Hermes) (Owings Mills, MD.). The outlook for both ratings is stable.

Euler Hermes is a wholly owned subsidiary of Euler Hermes ACI Holding (Wilmington, DE), which is a wholly owned subsidiary of Euler Hermes S.A. (Paris, France). Euler Hermes S.A., a subsidiary of Assurances Generales de France SA (AGF) (Paris, France), is the global leader in accounts receivable insurance. Euler Hermes S.A. has a leading market position in over 40 countries with a global market share of 36%. Euler Hermes S.A. is a member of the Allianz Societas Europea (Allianz) (Germany) [NYSE: AZ] by virtue of Allianz's 58.9% ownership of AGF. On January 18, 2007, Allianz announced its intention to acquire the remaining shares in AGF that it does not already own.

The ratings reflect the solid capitalization, operating performance and significant market presence of Euler Hermes, as the number one trade accounts receivable insurer in the United States. The ratings also reflect the benefits derived from being a member of Allianz through reinsurance protection and enhanced marketing capabilities. Euler Hermes' competitive advantages include its strong market presence, its vast proprietary debtor databases, conservative leverage, experience in the credit field and strong parental support. The rating outlook reflects A.M. Best's expectation that Euler Hermes will continue to generate strong earnings in the future.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.