Moody’s gives A2 (hyb) to Allianz bond

Moody's Investors Service said it assigned an A2 (hyb) rating to the undated $1.5 billion subordinated bond to be issued by Allianz SE (Aa3 insurance financial strength rating, stable).

The A2 (hyb) rating is consistent with the agency’s standard notching practices for debts issued by insurance operating companies, and reflects: (a) The junior subordination of the bond; (b) the optional and mandatory (based on breach of regulatory capital requirements) coupon skip mechanisms; and (c) the cumulative nature of deferred coupons, in case of deferral.

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