FRANKFURT (Standard&Poor's) March 31, 2015--Standard&Poor's Ratings Services today assigned its 'A+' long-term issue rating to the dated subordinated notes proposed by Germany-based global multiline insurance group Allianz SE (AA/Stable/A-1+). The rating is subject to our review of the notes' final terms and conditions. In accordance with our methodology for subordinated debt issues, we rate the proposed notes two notches below our 'AA' long-term counterparty credit rating on Allianz SE. We base the rating on the proposed notes on our understanding that noteholders will be subordinated to Allianz SE's senior creditors, and that Allianz SE has the option of deferring interest if, during the previous six-month period: It has declared no dividend or other distribution, and made
