S&P rates Allianz notes A

S&P said it assigned its A issue rating to the dollar- and euro-denominated restricted tier 1 notes issued by Allianz SE.

The rating on the bonds is three notches below the long-term local- and foreign-currency issuer credit ratings on Allianz SE:

S&P said it subtracted a notch to reflect the notes’ deeply subordinated status to senior bondholders, one notch to reflect the risk of a potential write-down of principal and another notch to mirror the mandatory and unconditional optional interest cancellation features.

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