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Rating Action:

Moody's rates Allianz' EUR1 billion dated subordinated debt A2(hyb)

09 Jan 2017

London, 09 January 2017 -- Moody's Investors Service ("Moody's") has today assigned an A2(hyb) rating to the EUR1 billion subordinated bond (maturity July 2047) to be issued by Allianz SE ("Allianz") (rated Aa3 for insurance financial strength rating, stable outlook).

RATINGS RATIONALE

The A2(hyb) rating is consistent with Moody's standard notching practices for debts issued by insurance operating companies, and reflects (i) the subordination of the bond (ii) the optional and mandatory (based on breach of regulatory capital requirements) coupon skip mechanisms and (iii) the cumulative nature of deferred coupons, in case of deferral.

The bond is a dated subordinated debt and ranks pari passu with existing dated subordinated debt of Allianz.

The bond allows Allianz SE to defer interest payments on any interest payment date if no dividend on any class of share was declared or paid during the previous 6-month period. The debt also contains a mandatory interest deferral trigger based upon breach of regulatory capital requirements on an unconsolidated and/or on a consolidated basis. However, any deferred interest payment, optional or mandatory, will constitute arrears of interest and remain due by Allianz SE at a future date (cumulative coupon skip mechanism).

The notes are intended to qualify as Tier 2 capital under Solvency II, and their hybrid features will result in some equity credit under Moody's debt equity continuum based on the notes' maturity, interest deferral features, and subordination. The issuance, which is not linked to any refinancing, will have a small negative impact on Allianz's adjusted financial leverage (25.2% at YE15), and earnings coverage (9x at year-end 2015). On a pro-forma YE15 basis, the issuance is estimated to increase the Group's adjusted financial leverage by less than 1% point. The positive impact on the Group's Solvency II capitalisation is estimated at around 3% points on a pro-forma 9m16 basis.

WHAT COULD MOVE THE RATINGS UP/DOWN

As the debt rating is notched down from Allianz SE's insurance financial strength rating (IFSR), any change in Allianz SE's IFSR would be reflected in the debt rating. Moody's said that downward pressure would develop on Allianz SE's ratings in case of 1) a sustained rise in adjusted financial leverage beyond 30% and/or 2) deterioration in profitability leading to Moody's calculated return on capital (Moody's definition) below 5% and fixed charge coverage below 5x across the underwriting cycle and/or 3) a deterioration of the stand-alone credit fundamentals of its main operating entities would also place pressure on Allianz SE's ratings.

Moody's said that upward pressure would develop in case of: 1) a sustained decrease in financial leverage to nearer 20% and/or 2) sustainable capitalization at a very high level both in absolute terms and compared to the peer group and/or 3) improvements in profitability leading to Moody's calculated return on capital (Moody's definition) consistently above 8% and fixed charge coverage consistently above 9x.

The following rating has been assigned:

Issuer: Allianz SE

EUR1 billion 3.099% fixed to floating rate subordinated bond due 2047 -- rating at A2(hyb)

The methodologies used in this rating were Global Life Insurers published in April 2016, and Global Property and Casualty Insurers published in June 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Dominic Simpson
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Antonello Aquino
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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