FRANKFURT (Standard&Poor's) Oct. 11, 2012--Standard&Poor's Ratings Services said today that it had assigned its 'A+' long-term issue rating to the subordinated fixed-to-floating rate notes of insurer Allianz SE (AZSE; AA/Negative/A-1+). The rating incorporates our standard methodology for subordinated debt issues: We have rated the bonds two notches below the long-term counterparty credit rating on the issuer, AZSE. The rating is based on our understanding that holders of the bonds will be subordinated to AZSE's senior creditors and that AZSE has the option of deferring interest if, during the previous six-month period: No dividend or other distribution was declared, and there was no other distribution or payment in respect of any class of shares. No payment on
