Moody’s provides A3 (hyb) to AXA notes

Moody's Investors Service said it assigned an A3 (hyb) rating to the $1 billion fixed- to floating-rate subordinated notes due 2047 to be issued by AXA (A2 senior unsecured debt, stable) under its €17 billion euro medium-term note program.

Moody’s said the A3 (hyb) rating reflects AXA’s A2 senior debt rating and the agency’s standard notching practices for such instruments. The notching reflects: (a) The 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 dated subordinated notes rank pari passu with existing dated subordinated debt of AXA.

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