22.11.2012 22:13
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Allianz SE -- Moody's rates Allianz' USD1.0 billion undated subordinated debt A2(hyb), negative outlook

London, 22 November 2012 -- Moody's has today assigned an A2(hyb) rating to the undated USD1.0 billion subordinated bond to be issued by Allianz SE (rated Aa3 for insurance financial strength rating, negative outlook). The outlook on this debt is negative, in line with the negative outlook on Allianz SE.

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 junior subordination of the bond (ii) the optional and mandatory weak coupon skip mechanisms and (iii) the cumulative nature of deferred coupons, in case of deferral.

The bond is an undated junior subordinated debt. It will initially rank junior to all dated subordinated debts issued or guaranteed by Allianz SE, and pari passu with the USD2.0 billion junior subordinated callable debt, issued in June 2008 by Allianz SE, and de facto pari passu with all existing undated subordinated debts issued or guaranteed by Allianz SE. However, the terms and conditions of the notes include an option for the issuer to modify this subordination structure in the future. If Allianz SE exercised this 'ranking up' option, the new instrument would improve its seniority, ranking pari passu with dated subordinated debts and senior to other undated subordinated debts. Moody's mentioned however that the exercise of the option would in principle not impact the rating of the bond.

The bond allows Allianz SE to defer interest payment 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 minimum solvency requirements. Under the existing EU Solvency I rules, Moody's regards this trigger as weak. The terms of the bond allow the trigger to switch to the Solvency II capital requirements when the Solvency II regulations are activated. As Solvency II is designed to be a more rigorous solvency regime, Moody's view on the strength of the trigger may change. Moody's expects to publish guidance on how it will assess the new Solvency II triggers in the context of the rating and equity credit of hybrid securities and implementation timetable in due course.

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 new subordinated debt issue will be used by Allianz for general corporate purposes.

Moody's expects the negative impact on Allianz' financial leverage (26.7% at year-end 2011) and earnings coverage (6.4x on average in the last five years) of this new issuance, together with the issuance of the EUR1.5 billion hybrid last month, to remain limited.

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 Allianz SE's rating could move down in case of some deterioration of European sovereigns' credit quality, especially Italy. A permanent rise in financial leverage beyond the mid-thirties, or a deterioration in stand-alone credit fundamentals of main operating entities would also place pressures on Allianz SE's ratings.

Moody's said that given the negative outlook on the debt rating and Allianz SE's IFSR, an upgrade of the rating is not likely in the medium term.

The following rating has been assigned:

Allianz SE USD1.0 billion 5.5% undated subordinated bond -- rating at A2 (hyb)

The methodologies used in this rating were Moody's Global Rating Methodology for Life Insurers published in May 2010, Moody's Global Rating Methodology for Property and Casualty Insurers published in May 2010, and Moody's Guidelines for Rating Insurance Hybrid Securities and Subordinated Debt published in January 2010. Please see the Credit Policy 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 relevant 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Benjamin SerraAsst Vice President - Analyst Financial Institutions Group 96 Boulevard Haussmann Paris 75008 France Simon Harris MD - Financial Institutions Financial Institutions Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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