Germany-Based Global Multiline Insurer Allianz SE's Proposed Fixed-To-Floating Notes Rated 'A+'

FRANKFURT (S&P Global Ratings) Jan. 15, 2024--S&P Global Ratings today assigned its 'A+' long-term issue rating to the deferrable, subordinated, dated notes issued by Germany-based global multiline insurance group Allianz SE (AA/Stable/A-1+). We classify the notes as having intermediate equity content under our hybrid capital criteria. In accordance with our methodology for junior subordinated debt issues, we rate the notes two notches below our 'AA' long-term issuer credit rating on Allianz SE. We base the rating on the notes on our understanding that noteholders are 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

...January 15, 2024 FRANKFURT (S&P Global Ratings) Jan. 15, 2024--S&P Global Ratings today assigned its 'A+' long-term issue rating to the deferrable, subordinated, dated notes issued by Germany-based global multiline insurance group Allianz SE (##/Stable/A-1+). We classify the notes as having intermediate equity content under our hybrid capital criteria. In accordance with our methodology for junior subordinated debt issues, we rate the notes two notches below our '##' long-term issuer credit rating on Allianz SE. We base the rating on the notes on our understanding that noteholders are 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 the minimum capital requirement or the solvency...

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