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A.M. Best Assigns Ratings to Allianz SE’s Subordinated Notes

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© Business Wire 2014
2014-02-07 17:24:01 -

A.M. Best Europe – Rating Services Limited has assigned a debt rating of “a+” to the CHF 500 million 3.25% undated subordinated notes issued by Allianz SE (Germany) on 4 February, 2014. The assigned outlook is stable.

The undated subordinated bond has been placed in Switzerland and will pay a fixed coupon of 3.25% until July 2019. Thereafter, the coupon will be reset every five years based on the then-prevailing five-year-swap rate, plus a margin of 2.573% per annum. The proceeds of this issue are to be used by Allianz SE for general corporate purposes and to replace maturing debt.

A.M. Best also has assigned a debt a rating of “a+” to the EUR 1.5 billion 4.75% undated subordinated notes issued by

Allianz SE on 24 October 2013. The assigned outlook is stable.

The coupon on these subordinated notes is 4.75% per annum until 2023 (floating coupon thereafter). This issue replaced the EUR 1.5 billion 5.5% undated subordinated notes, which were called for redemption on 15 January 2014.

Concurrently, A.M. Best has withdrawn the “a+” debt rating on the redeemed subordinated notes.

The financial leverage and interest coverage ratios remain within A.M.

Best’s tolerance levels for the ratings.

The subordinated notes are notched down from Allianz SE’s issuer credit rating. The ratings of Allianz SE (and any associated debt) could benefit from positive rating actions if the group continues to outperform its peers in terms of operating performance and risk-adjusted capitalisation. Negative ratings actions could occur if there were a worsening of Allianz SE’s risk-adjusted capitalisation, which could be the result of investment write-downs or a deterioration of economic conditions in key territories.

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. 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 Disclosure : .. .

A.M. Best Europe – Rating Services Limited is a subsidiary of A.M.

Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit : .. .

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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A.M. BestCharlotte Vigier, +(44) 20 7397 0270Senior

Financial Analyst : orAnandi

Nangy-Kotecha, +(44) 20 7397 0271Associate Director : orRachelle
Morrow, +(1) 908-439-2200, ext. 5378Senior Manager, Public
Relations : orJim

Peavy, +(1) 908-439-2200, ext. 5644Assistant Vice
President, Public Relations :

Hossam Abdel-Kader
Phone: +43 1 9582319

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