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

FRANKFURT (S&P Global Ratings) Sept. 8, 2022--S&P Global Ratings today assigned its 'A+' long-term issue rating to the deferrable, subordinated, and dated notes issued by Germany-based global multiline insurance group Allianz SE (AA/Stable/A-1+). 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, which is unchanged. We base the rating on the 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 hasn't declared or paid dividends, other distributions, or payments in respect of any class of shares; or It has not made any payments on

...September 8, 2022 FRANKFURT (S&P Global Ratings) Sept. 8, 2022--S&P Global Ratings today assigned its 'A+' long-term issue rating to the deferrable, subordinated, and dated notes issued by Germany-based global multiline insurance group Allianz SE (##/Stable/A-1+). 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, which is unchanged. We base the rating on the 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 hasn't declared or paid dividends, other distributions, or payments in respect of any class of shares; or - It has not made any payments on account of balance-sheet profits. Furthermore, we understand that interest deferral is mandatory if the minimum capital requirement or the solvency capital requirement are breached, or the regulator believes...

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