S&P Global Ratings on Dec. 1 upgraded the long-term issuer credit and financial strength ratings of Euler Hermes Group SA units Euler Hermes? SA (NV), Euler Hermes North America Insurance Co. and Euler Hermes Reinsurance AG to AA from AA-, with a stable outlook.

The rating agency said the upgrade follows its revision of the Euler Hermes group's status to the Allianz Group to "core" from "strategically important," adding that it now rates Euler Hermes in line with Allianz's credit profile.

The revision came after Allianz said it intends to buy out Euler Hermes' minority shareholders, which, in Moody's view, demonstrates Allianz's commitment to integrate Euler Hermes into its operations more deeply, the agency said.

Euler Hermes SA's short-term counterparty credit rating was affirmed at A-1+.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.