Research Update: Italian Insurer Allianz SpA Outlook Revised To Negative Following Similar Action On Sovereign; Affirmed At 'A'

On Oct. 26, 2018, we revised to our outlook on Italy to negative from stable, and affirmed our 'BBB' unsolicited long-term sovereign credit ratings on the country. We regard Italy-based Allianz SpA as core to Germany-based Allianz SE (core operating entities' financial strength rating: AA/Stable). Given Allianz SpA's material exposure to Italy, we cap our long-term ratings on Allianz SpA at three notches above our sovereign credit rating on Italy. We are consequently revising to negative from stable our outlook on Allianz SpA, and affirming our 'A' ratings on the insurer. The negative outlook mirrors that on Italy. On Oct. 30, 2018, S&P Global Ratings revised to negative from stable its outlook on Italy-based insurer Allianz SpA. We affirmed our

...+ On Oct. 26, 2018, we revised to our outlook on Italy to negative from stable, and affirmed our '###' unsolicited long-term sovereign credit ratings on the country. + We regard Italy-based Allianz SpA as core to Germany-based Allianz SE (core operating entities' financial strength rating: ##/Stable). Given Allianz SpA's material exposure to Italy, we cap our long-term ratings on Allianz SpA at three notches above our sovereign credit rating on Italy. + We are consequently revising to negative from stable our outlook on Allianz SpA, and affirming our 'A' ratings on the insurer. + The negative outlook mirrors that on Italy....

Research Update