Global Multiline Insurer Allianz SE's Undated Restricted Tier 1 Deeply Subordinated Notes Rated 'A'

FRANKFURT (S&P Global Ratings) Sept. 9, 2021--S&P Global Ratings today assigned its 'A' long-term issue rating to the Restricted Tier 1 (RT1) notes issued by Germany-based global multiline insurance group Allianz SE (AA/Stable/A-1+). 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 issuer credit rating (ICR) 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

...(Editor's Note: When this media release was originally published on Sept. 9, 2021, the time to the first call dates for the euro-denominated and U.S. dollar-denominated tranches was misstated. A corrected version follows.)...

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