On July 26, 2022, we revised our outlook on Italy (unsolicited; BBB/Positive/A-2) to stable from positive and affirmed the sovereign ratings. 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 rating on Italy. We consequently revised our outlook on Allianz SpA to stable from positive and affirmed our 'A' ratings on the insurer. The stable outlook mirrors that on Italy. On July 29, 2022, S&P Global Ratings revised its outlook on Italy-based insurer Allianz SpA to stable from positive. At the same time, we affirmed our 'A' long-term issuer credit and insurer financial strength ratings
