FRANKFURT (S&P Global Ratings) Aug. 30, 2016--S&P Global Ratings today assigned its 'A+' long-term issue rating to the undated subordinated U.S. dollar-denominated notes proposed by Germany-based global multiline insurance group Allianz SE (AA/Stable/A-1+). The rating is subject to confirmation of the final terms and conditions. The rating incorporates our methodology for junior subordinated debt issues: We have rated the perpetual notes two notches below the long-term counterparty credit rating on the issuer, Allianz SE. The rating is based on our understanding that the holders of the notes will be subordinated to Allianz SE's senior and dated subordinated creditors, and that Allianz SE has the option of deferring interest if, during the previous six-month period: No dividend or other distribution was
