S&P assigns BBB to AXA notes

Standard & Poor's said it assigned its BBB long-term issue rating to two series of undated deeply subordinated notes issued by AXA (A-/positive/A-2), the holding company of AXA Group (core operating entities A+/positive/--).

The agency rates the two series of notes two notches below the long-term counterparty credit rating on the issuer, AXA, reflecting its hybrid debt criteria.

S&P said it understands that the noteholders will be subordinated to AXA's senior creditors and holders of dated subordinated notes, and that the insurer has the option of deferring interest on the debt issue. Furthermore, the agency noted that interest deferral is mandatory in case of a solvency event.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.