...April 1, 2021 PARIS (S&P Global Ratings) April 1, 2021--S&P Global Ratings today assigned its '###+' issue rating to the tier 2 subordinated green notes to be issued by France-based global multiline insurer AXA (A/Stable/A-1), the holding company of AXA Group (core operating entities rated ##-/Stable/--). The rating on the proposed issuance is subject to our review of the notes' final terms and conditions. The rating on notes is two notches below the long-term issuer credit rating on AXA SA. We deduct: - One notch to reflect the notes' subordination to the company's senior obligations; and - One notch to reflect the payment risk created by the mandatory and optional coupon cancellation features. We believe a one-notch deduction sufficiently reflects our view of the payment risk on these notes. This is because interest deferral is mandatory if, under Solvency II, AXA's capital resources do not meet the solvency capital requirement (SCR) or the minimum capital requirement; or if the relevant...
