Moody’ rates Allianz notes A1

Moody's Investors Service said it assigned an A1(hyb) rating to the €1 billion of subordinated debt issued by Allianz SE. The notes are intended to qualify as tier 2 capital.

“The A1(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 stable.

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