FRANKFURT (Standard&Poor's) Nov. 15, 2006--Standard&Poor's Ratings Services said today it assigned its 'AA-' senior unsecured debt rating to Germany-based insurer Allianz SE's (AZSE; AA-/Positive/A-1+) EMTN program. At the same time, Standard&Poor's announced that standard subordinated drawings under the program would be rated 'A+', and standard junior subordinated deferrable hybrid issues would be rated 'A'. In line with the program, Standard&Poor's also assigned its 'AA-' senior unsecured debt rating to the €1.5 billion senior unsecured notes to be issued by Allianz Finance II B.V. and to be unconditionally and irrevocably guaranteed by AZSE. The senior unsecured notes launched by Allianz Finance II B.V. will mature on Nov. 23, 2016. Under the EMTN program,
