A.M. Best Assigns Rating to Subordinated Notes Issued by Allianz SE
LONDON -- December 13, 2012
A.M. Best Europe – Rating Services Limited has assigned a debt rating of “a+”
to the undated USD 1 billion junior subordinated notes issued by Allianz SE
(Germany). The assigned outlook is stable.
The subordinated notes will pay a fixed annual coupon of 5.5%. The proceeds of
the issue are to be used by Allianz SE for general corporate purposes and to
replace the debt maturing in November 2012. Financial and debt leverage ratios
remain within A.M. Best’s tolerance levels for the ratings.
Concurrently, A.M. Best has withdrawn the debt rating of “aa-” on the EUR 900
million 5.625% senior unsecured notes issued by Allianz Finance II B.V. and
guaranteed by Allianz SE as the debt matured in November 2012.
The methodology used in determining these ratings is Best’s Credit Rating
Methodology, which provides a comprehensive explanation of A.M. Best’s rating
process and contains the different rating criteria employed in the rating
process. Key criteria utilised include “Insurance Holding Company and Debt
Ratings”. Best’s Credit Rating Methodology can be found at
In accordance with Regulation (EC) No. 1060/2009, the following is a link to
required disclosures: A.M. Best Europe - Rating Services Limited Supplementary
A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best
Company. Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more information,
Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
A.M. Best Co.
Charlotte Vigier, +(44) 20-7397-0270
Senior Financial Analyst
Sam Dobbyn, +(44) 20-7397-0264
Rachelle Morrow, +(1) 908-439-2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, +(1) 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
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