Moody’s gives AXA notes A3(hyb)

Moody’s Investors Service said it assigned an A3(hyb) rating to the €2 billion fixed- to floating-rate subordinated notes due 2049 to be issued by AXA under its €17 billion euro medium-term note program.

The dated subordinated notes rank pari passu with existing dated subordinated debt of AXA.

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

The notching reflects the subordination of the notes, the optional and mandatory, based on breach of regulatory capital requirements, coupon skip mechanisms and the cumulative nature of deferred coupons, in case of deferral.

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