German insurer Allianz SE has issued junior subordinated notes. We are assigning our 'A+' rating to the issue. We expect to classify the issuance proceeds as having "intermediate equity content," according to our criteria. FRANKFURT (Standard&Poor's) Sept. 17, 2014--Standard&Poor's Ratings Services today assigned its 'A+' long-term issue rating to the undated junior subordinated notes issued by Germany-based life and nonlife insurance group Allianz SE (AA/Stable/A-1+). The rating incorporates our methodology for junior subordinated debt issues: We have rated the notes two notches below the long-term counterparty credit rating on the issuer, Allianz SE. The rating is based on our understanding that the holders of the notes will be subordinated to Allianz SE's senior creditors and dated
