...September 19, 2019 FRANKFURT (S&P Global Ratings) Sept. 19, 2019--S&P Global Ratings today assigned its 'A+' long-term issue rating to the subordinated notes issued by Germany-based global multiline insurance group Allianz SE (##/Stable/A-1+). In accordance with our methodology for subordinated debt issues, we rate the notes two notches below our '##' long-term issuer credit rating on Allianz SE. We base the rating on our understanding that noteholders will be subordinated to Allianz SE's senior creditors, and that Allianz SE has the option of deferring interest if, during the previous six-month period, the company has: - Declared no dividend or other distribution, and made no other distribution or payment related to any class of shares; or - Made no payment on account of balance-sheet profits since the last ordinary general meeting of shareholders. Furthermore, we understand that interest deferral is mandatory if the minimum capital requirement or the solvency capital requirement is breached,...
