Moody’s rates Allianz notes A2 (hyb)

Moody’s Investors Service said it assigned an A2(hyb) rating to the €1 billion subordinated debt issued by Allianz SE.

“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,” Moody’s said in a press release.

The notes are intended to qualify as tier 2 capital, the agency said.

The outlook is stable.

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