Moody’s assigns Allianz notes Baa1

Moody's Investors Service said it assigned a Baa1(hyb) rating to the Allianz SE’s planned perpetual subordinated restricted tier 1 write-down notes. The notes are intended to qualify as restricted Tier 1 capital under Solvency II.

“The Baa1(hyb) rating of the notes reflects their deeply subordinated status, the risk of coupon cancellation on a non-cumulative basis and the risk of principal write-down under certain circumstances,” Moody’s said in a press release. Allianz’s senior unsecured medium-term note rating is Aa3.

Allianz will use the proceeds for general corporate purposes and to improve the group's regulatory capital structure.

The outlook is stable.

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