Moody's rates Pine Street Trust securities Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured debt rating to the pre-capitalized trust securities (P-Caps) expected to be issued by Pine Street Trust I and Pine Street Trust II, two Delaware statutory trusts that will serve as a source of liquidity for AXA Equitable Holdings, Inc.

The outlook is stable, consistent with the outlook on AXA Equitable, Moody's said.

According to the terms of the facility, Pine Street I and II will issue the P-Caps maturing in 2029 and 2049, respectively, the agency said, and use the proceeds to purchase high quality collateral for the benefit of investors.

AXA Equitable has the right to issue its senior notes in exchange for some or all of the collateral, Moody's said.

The transaction is credit positive because it provides AXA Equitable with an alternative source of liquidity and diversifies its funding sources, the agency said.

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