On Oct. 22, 2021, we revised to our outlook on Italy (unsolicited; BBB/Positive/A-2) to positive from stable. We regard Italy-based Allianz SpA as core to Germany-based Allianz SE. Given the company's high exposure to Italian sovereign risk, our long-term ratings on Allianz SpA are capped at three notches above our sovereign credit rating on Italy. We consequently revised our outlook on Allianz SpA to positive from stable and affirmed our 'A' ratings on the insurer. The positive outlook mirrors that on Italy. FRANKFURT (S&P Global Ratings) Oct. 26, 2021--S&P Global Ratings today revised its outlook on Italy-based insurer Allianz SpA to positive from stable. At the same time, S&P Global Ratings affirmed its 'A' long-term issuer credit and insurer financial
