S&P affirms Allianz

Standard & Poor's said it affirmed the A+ long-term debt rating on the dated, unsecured and subordinated notes that Allianz Finance II BV issued, following receipt of final terms and conditions.

The notes are backed by a subordinated guarantee from the issuer's parent, Allianz SE, S&P said.

The rating reflects the standard notching for subordinated debt issues, which is two notches below the long-term counterparty credit rating on the guarantor, the agency said.

S&P said it understands that the Allianz group issued these instruments to take advantage of current financing conditions.

The group's financial leverage and fixed-charge coverage ratios are expected to remain within tolerances that are consistent with its ratings, the agency said.

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