FRANKFURT (S&P Global Ratings) Nov. 16, 2020--S&P Global Ratings today assigned its 'A' issue rating to the Restricted Tier 1 (RT1) notes issued by Allianz SE. We classify these notes as having intermediate equity content. We note that Allianz SE opted to issue the notes in two tranches denominated in euros and U.S. dollars. The rating on the bonds is three notches below the long-term local and foreign currency issuer credit ratings on Allianz SE: One notch to reflect the notes' deeply subordinated status to senior bondholders; One notch to reflect the risk of potential write-down of principal; and One notch to reflect the mandatory and unconditional optional interest cancellation features. The notching on this instrument is wider than the
