FRANKFURT (Standard&Poor's) June 2, 2008--Standard&Poor's Ratings Services said today it assigned its 'A+' junior subordinated long-term debt rating to the proposed undated, subordinated, fixed-rate callable bonds to be issued by Germany-based Allianz SE (AA/Stable/A-1+). The rating is based on the assumption that the bonds' final terms and conditions will be materially consistent with the advance information provided to us. We characterized the bonds as having intermediate equity content. "The two-notch differential between the counterparty credit rating on Allianz SE and the rating assigned to the proposed bonds reflects the bonds' subordinated nature and optional interest deferability," said Standard&Poor's credit analyst Karin Clemens. There is no additional notching for the mandatory deferral clauses because the
