FRANKFURT (Standard&Poor's) Nov. 22, 2012--Standard&Poor's Ratings Services said today that it had assigned its 'A+' long-term issue rating to the undated subordinated notes of Germany-based insurer Allianz SE (AZSE; AA/Negative/A-1+). The rating is subject to our review of the final terms and conditions. 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, AZSE. The rating is based on our understanding that the holders of the notes will be subordinated to AZSE's senior creditors and dated subordinated creditors, and that AZSE has the option of deferring interest if, during the previous six-month period: No dividend or other distribution was declared,
