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S&P assigns A+ to Allianz notes
S&P said it assigned its A+ long-term issue rating to the deferrable, subordinated, dated notes issued by Allianz SE.
The agency explained the rating is based on Allianz’s AA issuer rating. It then deducts a notch for subordination and another for the potential for the company to defer interest.
“In tandem with the new bond issuance, we understand Allianz SE offered bondholders of a € 1.5 billion hybrid issued in 2014 the option to sell back their holdings in this hybrid to Allianz SE. We expect any remaining part of the 2014-issued hybrids would likely be redeemed at the first call date in September 2024,” S&P said in a press release.
The outlook is stable.
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