PARIS (Standard&Poor's) Jan. 18, 2013--Standard&Poor's Ratings Services said today that it has assigned its 'BBB' long-term issue rating to dated 30-year subordinated notes issued by France-based AXA (A-/Stable/A-2), the holding company of AXA Group (core operating entities A+/Stable). The rating of the notes is subject to our review of the final terms and conditions. We rated the notes two notches below the long-term counterparty credit rating on the issuer, AXA, reflecting our hybrid debt criteria. We understand that the noteholders will be subordinated to AXA's senior creditors, and that the insurer has the option of deferring interest on the debt issue. Furthermore, we note that interest deferral is mandatory if a solvency event has occurred. AXA
