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Allianz AG's Basket Index Tracking Equity Linked Securities Due 2008 Rated 'AA-' Jan 05
Standard & Poors, Jan 2005
Abstract
FRANKFURT (Standard & Poor's) Jan. 26, 2005--Standard & Poor's Ratings Services said today it assigned its 'AA-' long-term debt rating to the -1.2 billion Basket Index Tracking Equity Linked Securities (BITES) due in 2008, launched today by Germany-based Allianz AG (AZAG; AA-/Negative/A-1+), the holding company of the Allianz group. At the same time, Standard & Poor's assigned its 'A' junior subordinated debt rating to the separate approximately -1.4 billion perpetual subordinated bond to be issued by AZAG. The ratings are provisional and subject to confirmation of the final amount, terms, and conditions. The rating on the BITES reflects their status as senior unsecured obligations of AZAG. The standard two-notch differential between the counterparty credit rating on AZAG and the junior...
Companies mentioned in this report are: Allianz SE,Dresdner Bank AG,Siemens AG,Munich Reinsurance Co.,BMW AG
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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