Moody’s applies A3 (hyb) to AXA notes

Moody's Investors Service said it assigned an A3 (hyb) rating to the undated $850 million subordinated notes to be issued by AXA (A2 senior unsecured debt, stable) under its €15 billion euro medium-term note program.

Moody’s said the A3 (hyb) rating reflects the A2 senior debt rating of AXA and the agency’s standard notching practices for such instruments.

The notching reflects: (a) The junior subordination of the notes; (b) the optional and mandatory (based on breach of regulatory capital requirements) coupon skip mechanisms; and (c) the cumulative nature of deferred coupons, in case of deferral.

The undated subordinated notes rank junior to senior and all dated subordinated notes, pari passu with all other undated subordinated notes, but senior to pręts participatifs, titres participatifs, deeply subordinated notes and any class of share capital issued by AXA.

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