On April 11, 2025, we raised our unsolicited long-term sovereign credit rating on Italy to 'BBB+' from 'BBB', based on its external buffers and monetary flexibility. The outlook is stable. Our long-term ratings on Allianz SpA are limited to three notches above our sovereign rating on Italy because of its significant exposure to Italian investments, including government bonds. Nevertheless, we regard Italy-based Allianz SpA as core to Germany-based Allianz SE (AA/Stable/A-1+). Following the sovereign upgrade, we revised our long-term issuer credit rating on Allianz SpA to 'A+' from 'A'. The stable outlook on Allianz SpA mirrors that on Italy. On April 17, 2025, S&P Global Ratings raised its long-term rating on Italy-based insurer Allianz SpA to 'A+' from 'A'. The
