Moody's assigns AXA bonds A3

Moody's Investors Service said it assigned an A3(hyb) rating to the £750 million fixed-to-floating rate subordinated bonds due 2054 to be issued by AXA Group (rated A2 for senior debt rating, negative outlook).

The outlook on this debt is negative, in line with the negative outlook on AXA.

The A3(hyb) rating is one notch below AXA's senior debt rating, in line with Moody's standard notching practices for debts issued by insurance holding companies, and reflects (a) the subordination of the bonds; (b) the optional and mandatory weak coupon skip mechanisms; and (c) the cumulative nature of deferred coupons, in case of deferral.

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