Allianz SE And Its Core Subsidiaries Affirmed At 'AA'; Outlook Stable

We anticipate that Allianz Group (Allianz) will maintain very strong capitalization, according to our risk-based capital model, supported by resilient, diversified income streams, complemented by its asset-management business, including Pacific Investment Management Co. LLC (PIMCO). We are affirming our 'AA' long-term ratings on the group's core subsidiaries, and its holding company Allianz SE (AZSE). We are raising our ratings on two of the group's subsidiaries, Ireland-based Allianz PLC (AZI) and South Africa-based Allianz Global Corporate&Specialty South Africa South Africa Ltd. (AGCS SA), by one notch to 'AA-' and 'BBB-', respectively, under our revised criteria, because we expect that the group would support these entities if their sovereign came under stress. The outlook is stable, because we anticipate that

...July 25, 2019 - We anticipate that Allianz Group (Allianz) will maintain very strong capitalization, according to our risk-based capital model, supported by resilient, diversified income streams, complemented by its asset-management business, including Pacific Investment Management Co. LLC (PIMCO). - We are affirming our '##' long-term ratings on the group's core subsidiaries, and its holding company Allianz SE (AZSE). - We are raising our ratings on two of the group's subsidiaries, Ireland-based Allianz PLC (AZI) and South Africa-based Allianz Global Corporate & Specialty South Africa South Africa Ltd. (AGCS SA), by one notch to '##-' and '###-', respectively, under our revised criteria, because we expect that the group would support these entities if their sovereign came under stress. - The outlook is stable, because we anticipate that Allianz will maintain its position as one of the leading global insurance groups and maintain a very strong capitalization. FRANKFURT (S&P Global Ratings)...

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