Germany-Based Global Multiline Insurer Allianz SE's Proposed Dated Subordinated Notes Rated 'A+'

FRANKFURT (S&P Global Ratings) May 18, 2020--S&P Global Ratings today said it assigned its 'A+' long-term issue rating to the subordinated, dated 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 junior subordinated debt issues, we rate the proposed notes two notches below our 'AA' long-term issuer credit rating on Allianz SE, which is unchanged. We base the rating on the proposed notes on our understanding that noteholders will be subordinated to the company's senior creditors, and that Allianz SE can defer interest if, during the previous six-month period: It has neither declared nor paid dividends, other distributions,

...May 18, 2020 FRANKFURT (S&P Global Ratings) May 18, 2020--S&P Global Ratings today said it assigned its 'A+' long-term issue rating to the subordinated, dated notes proposed by Germany-based global multiline insurance group Allianz SE (##/Stable/A-1+). The rating is subject to our review of the notes' final terms and conditions. In accordance with our methodology for junior subordinated debt issues, we rate the proposed notes two notches below our '##' long-term issuer credit rating on Allianz SE, which is unchanged. We base the rating on the proposed notes on our understanding that noteholders will be subordinated to the company's senior creditors, and that Allianz SE can defer interest if, during the previous six-month period: - It has neither declared nor paid dividends, other distributions, or payments in respect of any class of shares; or - It has made no payment on account of balance-sheet profits since the most recent ordinary general meeting of shareholders. Furthermore, we understand...

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