Moody’s gives Allianz hybrids A2

Moody's Investors Service said it assigned an A2(hyb) rating to the €1.25 billion of subordinated notes to be issued by Allianz SE. The notes are expected to qualify as tier 2 capital.

“The A2(hyb) rating is consistent with Moody's standard notching practices for debts issued by insurance operating companies and reflects (i) the subordination of the bond, (ii) the optional and mandatory (based on breach of regulatory capital requirements) coupon skip mechanisms and (iii) the cumulative nature of deferred coupons,” the agency said in a press release.

The outlook is positive.

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