S&P rates Allianz bonds BB+

Standard & Poor's said it assigned a BB+ long-term senior secured debt ratings to notes issued by Blue Fin Ltd. under Allianz SE's (AA/stable/A-1+) newly established shelf program: €155 million series 1 class A principal at-risk floating-rate notes due April 10, 2012 and $65 million series 1 class B principal at-risk floating-rate notes due April 10, 2012.

Proceeds will provide Allianz with a source of parametric cover for windstorms in Europe over a five-year period.

The ratings based on the creditworthiness of Allianz as guarantor and of Morgan Stanley as guarantor of the total return swap counterparty, the agency said.

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