On Oct. 23, 2020, we revised our outlook on Italy to stable from negative (unsolicited; BBB/Stable/A-2). 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 are consequently revising our outlook on Allianz SpA to stable from negative and affirming our 'A' ratings on the insurer. The stable outlook mirrors that on Italy. On Oct. 27, 2020, S&P Global Ratings revised its outlook on Italy-based insurer Allianz SpA to stable from negative. At the same time, S&P Global Ratings affirmed its 'A' long-term issuer credit and insurer financial strength ratings on
