...FRANKFURT (Standard & Poor's) Sept. 4, 2015--Standard & Poor's Ratings Services said today that it had assigned its '###' long-term issue rating to the proposed junior subordinated fixed-to-floating-rate notes to be issued by Germany-based Gothaer Allgemeine Versicherung AG (Gothaer; A-/Stable/--), the core non-life operating subsidiary of the Gothaer group. The rating is subject to our review of the notes' final terms and conditions. In accordance with our methodology for subordinated debt issues, we rate the proposed notes two notches below our 'A-' long-term counterparty credit rating on Gothaer. We base the rating on the proposed notes' deferability of interest and subordination features. The notes have mandatory and optional interest-deferral features. They are ranked pari passu among themselves and other existing subordinated notes. Deferral is mandatory if a minimum solvency ratio is breached or the regulator considers that such a ratio is at risk. Deferral is optional, if, during...
