...May 30, 2023 FRANKFURT (S&P Global Ratings) May 30, 2023--S&P Global Ratings today assigned its 'A+' long-term issue rating to the deferrable, 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. 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 not declared or 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. Furthermore, we understand that interest deferral is mandatory if either the minimum capital requirement...
